Zepto, an Indian quick commerce startup, has raised $400 million in a funding round led by the California Public Employees’ Retirement System (CalPERS), bringing its valuation to $7 billion. This funding round included both primary and secondary investments and saw participation from existing investors such as Avenir and Lightspeed. Zepto aims to go public next year, capitalizing on its rapid growth, which has seen daily orders increase from 500,000 to 1.7 million over five quarters. The company faces stiff competition from other quick commerce players like BlinkIt and Swiggy Instamart, as well as legacy e-commerce giants like Flipkart and Amazon. The quick commerce market in India is projected to grow significantly, with estimates suggesting it could reach $42 billion by 2030. CalPERS' involvement marks a notable shift towards direct investments in startups, reflecting growing institutional confidence in the Indian market.