Zepto has secured $350 million in new funding, its third round of financing in six months, as the Indian quick-commerce startup strengthens its position against its competitors ahead of a planned IPO next year.

Zepto has secured $350 million in its third funding round in six months, cementing its position as a leading player in India’s burgeoning quick-commerce sector. The Mumbai-based startup, which plans to go public next year,

Zepto, which competes with Instamart and Blinkit, has been steadily ramping up its dark store operations and categories to woo investors.

Indian quick-commerce start-up Zepto has raised a whopping $350 million in its third funding round in just six months. The massive financial boost comes as part of the company's strategy to bolster its market position against rivals and gear up for a planned IPO next year.

Zepto cofounder and CEO Aadit Palicha has termed “narratives” that quick commerce platforms were hurting kirana stores as false.

Quick commerce major Zepto is on a funding spree in an effort to become a domestically-owned “Indian” company. After announcing a $350 million funding round at a flat valuation of $5 billion on Friday, the firm has now become the highest funded startup in India over the last three years.

Zepto, which is gearing up for a public market listing next year, had gained its coveted unicorn status a year ago, when it raised $200 million at a valuation of $1.4 billion.