Quick commerce unicorn Zepto’s founders, Aadit Palicha and Kaivalya Vohra, are in advanced discussions with Edelweiss Alternative Asset Advisors, several domestic family offices, and small credit funds to raise about Rs 1,500 crore (over $175 million) through a structured debt transaction, The Economic Times reported, citing people familiar with the matter. Separately, Indian used car platform Cars24 has laid off over 200 employees across various functions as part of a cost-cutting exercise.
Zepto to tap Edelweiss, others for Rs 1,500 cr structured debt
Quick commerce startup Zepto’s founders, Aadit Palicha and Kaivalya Vohra, are in advanced discussions with Edelweiss Alternative Asset Advisors, several domestic family offices, and small credit funds to raise about Rs 1,500 crore (over $175 million) through a structured debt transaction, The Economic Times reported, citing people familiar with the matter.
Edelweiss has submitted a binding bid for the deal, which is expected to carry a minimum interest rate of 16%, with an equity-linked upside that could push total returns to around 18%, the report said.
The fundraising is being executed at a valuation of nearly $5 billion—the same mark at which Zepto raised equity funding in 2023, the report said.
Cars24 lays off employees
Indian used car platform Cars24 has laid off over 200 employees across various functions as part of a cost-cutting exercise. Entrackr first reported the development.
In a blog post, Cars24 founder and CEO Vikram Chopra said the move stemmed from internal missteps rather than external market conditions. “Some projects did not deliver what we expected… and some roles were added too early,” Chopra wrote. He added that the company takes full responsibility for the restructuring, which impacted teams in the product and technology verticals.
