INFOGRAPHIC: Top Asian Startup Funding — Week 26
These are the funding deals we tracked in the Asian region this week – including Zepto, Kitchens@, Rocketlane, Smartworks, and Zyod.
- Zepto Raises $665M, Doubling Valuation to $3.6B
- Finnest Acquires Majority Stake in Kitchens@, Injects $145M in Funding
- Rocketlane Secures $24M to Accelerate SaaS Customer Onboarding Solutions
- Smartworks Raises $20.24M to Fuel Co-Working Space Expansion
- Zyod Raises $18M to Expand Global Apparel Sourcing Platform
Zepto Raises $665M, Doubling Valuation to $3.6B
- Zepto, a leading quick commerce startup in India, has secured $665 million in its Series F funding round, led by new investors Avenir, Lightspeed, and Avra, along with existing backers Glade Brook, Nexus, and StepStone. This round values Zepto at $3.6 billion post-money, a significant increase from its previous valuation of $1.4 billion.
- Founded in 2021, Zepto became a unicorn in August 2023 and has now raised over $1.2 billion in total funding. The fresh capital infusion will fuel Zepto's expansion as it aims to double its store count from 350 to 700 by March 2025. The company reports near EBITDA positivity and has achieved 140% year-on-year growth with an annualized gross merchandise value exceeding $1 billion.
- Zepto aims to reach profitability while scaling its operations and expanding its product range in competition with other major players like Flipkart, BlinkIt and Swiggy Instamart in India's quick commerce market. Meanwhile, the also company plans to move its domicile back to India ahead of an anticipated IPO next year.
Finnest Acquires Majority Stake in Kitchens@, Injects $145M in Funding
- London-based private equity firm Finnest has secured a majority stake in Bengaluru's cloud kitchen startup Kitchens@, leading a funding round that raised $145 million. This includes issuing equity shares and convertible preference shares.
- Kitchens@, founded in 2018, provides end-to-end solutions for F&B brands to expand through cloud kitchens, offering infrastructure and operational services. The company's client roster includes Domino’s, Subway, and Nando’s.
- With the new funding, Kitchens@ plans to enhance its technological capabilities, expand its network of kitchens, and consolidate its market position in India's competitive cloud kitchen sector.
