Currently, Indian ownership in Zepto stands at just over 42%. File
| Photo Credit: Reuters

Motilal Oswal Financial Services co-founders Motilal Oswal and Raamdeo Agrawal have purchased Zepto shares worth $50 million (about ₹424 crore) each in a secondary transaction, while an additional $250 million round is in the pipeline, according to people familiar with the matter.

The shares have been acquired from foreign investors, they said.

The $100-million deal was executed from their proprietary books and marks a significant step in Zepto’s ongoing push to increase Indian ownership ahead of its planned IPO.

Currently, Indian ownership in Zepto stands at just over 42%, with other transactions in the pipeline expected to further boost this figure. The company has set an internal target of crossing the 50% domestic shareholding threshold before its IPO.

In addition to the $100-million purchase, Motilal Oswal Financial Services is leading a larger $250 million secondary round through its clients, the sources told PTI.

Edelweiss and Hero FinCorp are also participating in these transactions, bringing the total to $350 million.

All deals are being executed at Zepto’s previous valuation of $5 billion, set in August 2024.

The binding documents for the $250-million round have been signed, and a formal announcement is expected in June after due diligence is complete.

Queries sent to Zepto did not elicit a response.