California Public Employees’ Retirement System led a $400m funding round in Zepto.

California Public Employees’ Retirement System, a US-based public pension fund managing diversified assets for California public employees, led a $400m funding round in Zepto, a quick-commerce startup delivering groceries and essentials in minutes through dark store operations, with participation from Avenir, Avra, Lightspeed, Glade Brook, StepStone Group, and Nexus Venture Partners. “The key metric for this round of funding was our ability to turn dark stores profitable while acquiring over 10 million new monthly transacting users. We obviously invested incrementally in customer acquisition and store launches. But even as you were doing that, we were able to keep turning stores profitable,” Palicha, Zepto CEO.