Indian quick-commerce startup Zepto has raised $350 million in its third round of funding in six months, maintaining its $5 billion valuation. The funding round, which is the largest fully-domestic primary round in India, was led by Indian family offices, wealthy individuals, and asset manager Motilal Oswal.

The investment comes as Zepto prepares for a planned initial public offering (IPO) next year. The startup has now raised over $1.35 billion since June, with foreign ownership currently exceeding two-thirds. The funding push is aimed at adding more Indian investors to its cap table.

The quick-commerce market in India is expected to surpass $6 billion this year and reach $42 billion by 2030, according to Morgan Stanley. Zepto, which serves over 7 million orders daily in 17 cities, is on track to record annualized sales of $2 billion and projects 150% growth over the next 12 months. However, the rapid growth of quick-commerce has raised concerns about its impact on traditional retail stores, with over 200,000 neighborhood stores closing in the past year.