Motilal Oswal, co-founder of veteran stock market investor and co-founder of Motilal Oswal Financial Services and Ramdev Aggarwal have jointly purchased shares worth $ 100 million (about Rs 848 crore) of Quarted Supply Service Company Jepto (ZEPTO). Sources have given this information. Sources familiar with the developments said on Monday that Oswal and Aggarwal bought these shares of Jepto through transactions in the stock market. Both investors have bought shares worth five to five million dollars. Sources said that these shares have been obtained from foreign investors.
The company is preparing to bring IPO
The deal is part of the ongoing efforts to increase Indian ownership before Jepto’s proposed initial public issue (IPO). Currently, the ownership of Indian investors in Jepto is slightly higher than 42 percent. However, there is a plan to increase this stake through some other deals in the coming time. The target has been set to increase the first domestic shareholding of the IPO to more than 50 percent. The second round of additional stake sales is also proposed for this. Sources said that Motilal Oswal Financial Services is leading through its customers in this round of $ 25 million share sales.
These companies also join the race
Edelvis and Hero Fincorp are also participating in these transactions, causing a total amount to $ 35 million. In this context, there was no answer to the questions sent to Jepto. In August last year, Jepto scored a $ 340 million funding round on the $ 5 billion evaluation led by General Catalist. Other new investors including Dragon Fund and Epic Capital participated in this round, while current investors such as Stepstone, LightSpeed, DST and Contrary increased their stake.
Jepto directly compete with Swiggy’s Instamart, Zomato’s Blinkit and Flipkart minutes. Groups like Tata Group, Reliance and Amazon have entered a similar business model.
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