India, Oct. 1 -- Quick commerce major Zepto is planning to raise around $400 Mn (about INR 3,500 Cr) at a valuation of $7 Bn, with US pension fund Calpers leading the round, according to sources. Other existing investors, including General Catalyst, Avra, Lightspeed, Glade Brook, StepStone, and Nexus Venture Partners, are also expected to participate in the round.

The round will be a mix of primary and secondary transactions, with a large chunk of $350-380 Mn coming in via primary transaction.

Zepto declined to comment. Moneycontrol was first to report the development.

Important to note that the startup has been consistently raising fresh funds this year. It has raised smaller tranches of capital from listed companies including Motilal...