9OCTOBER 2025ZEPTO RAISES $450M AT $7B VALUATION AHEAD OF IPO PLANSCarraro India Limited, a leading Tier-I manufacturer and technology partner specializing in axles, transmission systems, and gears, has received a Rs 17.50 crore engineering services contract from TI Clean Mobility Private Limited ­ Montra Electric.The scope of work includes the detailed feasibility study and industrialization of an advanced E-Transaxle system for electric-powered agricultural tractors. This is a landmark moment for Carraro India as it strategically ex-pands into the electric mobility and agri-equipment sector.Dr. Balaji Gopalan, Managing Director of Carraro India Limited, said, "This agreement is a milestone in Quick commerce platform Zepto has raised $450 million (approx. 3,757 crore) in a fresh funding round led by the California Public Employees' Retirement System (CalPERS), pushing the company's valuation to $7 billion. This latest round follows a $350 million raise in November last year, when Zepto was valued at $5 billion.our transformation as a technology-driven partner for the Indian tractor segment. The E-Transaxle system is going to elevate the tractor's functionality, make the operations more efficient, and eco-friendly. Our association with Montra Electric is a proof of our pledge to provide the most advanced, future-ready solutions to our customers."Carraro India, established in 1997, is a provider of integrated engineering solutions with complete in-house design, development, and manufacturing capabilities. Being a part of the global Carraro Group, the company caters to the tractors, backhoe loaders, compact wheel loaders, telehandlers, cranes, forklifts, and aerial work platforms sectors with its critical applications.Carraro India has implemented two state-of-the-art manufacturing units in Pune with a strong R&D infrastructure, driveline assembly, precision gears, and proprietary heat treatment processes.Coupled with the network of its 220 domestic suppliers spread over eight states and 58 international partners, Carraro India is continually enhancing its leadership in providing world-class engineering solutions, thereby consolidating its position as an important technology provider in the Indian tractor and off-highway equipment industry that is undergoing a phase of change. CEO and Co-founder Aadit Palicha confirmed that the majority of the newly raised capital is primary investment, with CalPERS contributing the single largest cheque. "We view this as a pre-IPO round and are preparing to file for our IPO soon," said Palicha.With this latest infusion, Zepto now holds around $900 million in net cash, giving it a strong financial cushion as it looks to expand. Palicha also shared that domestic ownership in the company is set to grow significantly, from the current 12 percent to 40 percent in the coming weeks, as part of its IPO readiness.Investor confidence in Zepto has been bolstered by its operational performance, with the company now processing approximately 1.7 million orders daily. According to Palicha, more than half of Zepto's dark stores are now profitable, marking a sharp improvement from the previous year.The capital will primarily support financial stability and targeted expansion, including the opening of several hundred new stores over the next 12 months. While there isn't a rigid spending roadmap, Zepto aims to enhance its bottom line while continuing to grow its order volume and strengthen its market position. CARRARO INDIA TO DEVELOP E-TRANSAXLE FOR ELECTRIC TRACTORS
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