Indian quick commerce startup Zepto said it has raised $400 million in a funding round led by a new investor, California Public Employees’ Retirement System (CalPERS), a U.S.-based pension fund. The round, which is a mix of primary and secondary investment, also has participation from existing investors, including Avenir, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners. After this funding, the company plans to go public next year.

Zepto competes with other quick commerce players such as Eternal’s (formerly Zomato) BlinkIt, Swiggy Instamart, and Tata-owned BigBasket — all part of publicly listed companies. The startup has been on a funding spree as it picked up $1.3 billion in a span of several months last year . Since Zepto’s last funding round in November

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