Quick Commerce unicorn Zepto has secured $665 million in funding and is reportedly in talks to raise an additional $400 million within a week, according to The Information. This will value the company at $4.6 billion.

The report states that following a previous funding round that valued the company at $3.6 billion, Zepto is now negotiating with several institutions for new capital. DST Global and Avra participated in the last round, along with existing investors and partners such as Avenir, Nexus Venture Partners, StepStone Group, Contrary, and Gladbrook Capital.

“We expect the company to surpass $1.5 billion in annual sales next month, currently generating an annualized gross profit of $300 million based on monthly profits,” said Zepto co-founder and CEO Aadith Palicha in a statement.

Zepto had earlier reported that its Gross Merchandise Value (GMV) has grown year-over-year to reach the $1 billion mark. Additionally, approximately 75% of the company’s stores—dark stores or warehouses—have achieved full EBITDA positivity by May 2024. It previously took around two years to reach this level of profitability, but now the company expects to achieve it within just six months.

With an annual GMV of $1 billion and a 140% year-over-year growth rate, the company is close to EBITDA positivity. By reinvesting capital generated from mature stores back into the business, Zepto plans to scale from 350 stores to 700 stores while maintaining “financial discipline.”

“If we can achieve this while continuing to delight customers, I believe we will be ready to go public relatively soon,” Palicha said.

Zepto’s fundraising comes at a time when other food tech and e-commerce startups are focusing on rapid commerce as a key growth driver. The company also highlighted its plan to increase its number of dark stores to 1,000 by March 2025 in its quarterly earnings report.