Bengaluru, Oct. 16 -- Quick-commerce platform Zepto has raised $450 million at a valuation of $7 billion, led by US-based pension fund California Public Employees' Retirement System (CalPERS), it said in a statement on Thursday.

Existing investors Avenir Growth, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners also participated in the round.

"This financing is a reflection of our team's execution to grow the business rapidly while consistently building operating leverage. We now have approximately $900 million of net cash in the bank and are more than well-capitalized for the future," said Aadit Palicha, co-founder and chief executive of Zepto, in the statement.

The Mumbai-based company raised $350 million...