The move marks a sharp reset in Zepto’s valuation expectations from its last private funding round
Quick commerce firm Zepto has begun discussions with prospective anchor investors for its upcoming initial public offering (IPO), targeting a post-money valuation of around $3 billion (about ₹29,100 crore), according to people familiar with the matter.The company, which competes with Blinkit and Swiggy Instamart, is expected to price its anchor book at a pre-money valuation of about ₹24,000 crore ($2.5 billion), with a proposed fresh issue of ₹5,000 crore and a small offer for sale (OFS) component.The indicative price works out to roughly ₹18.76 per share, according to the deal terms being discussed with investors.The move marks a sharp reset in Zepto’s valuation expectations from its last private funding round. The company was valued at $7 billion when it raised $450 million from investors, including US CALPERS, in October 2025.Zepto had filed its UDRHP last month, which had proposed a fresh issue of up to ₹8,010 crore and an offer for sale (OFS) of up to 113.47 million shares by existing investors. The UDRHP had listed Nexus Ventures, Contrary, Razor Ventures and entities linked to Kaiser Permanente among the selling shareholders.Valuation resetThe revised valuation reflects the more measured pricing environment in the public markets, where investors are increasingly rewarding companies with stronger visibility on profitability and sustainable growth over aggressive private market multiples.Zepto received the Securities and Exchange Board of India’s (SEBI) approval for its IPO in April and has since been working towards its market debut.The company operates in India’s intensely competitive quick commerce market, where it competes against Blinkit, backed by Eternal, and Swiggy Instamart, backed by Swiggy. The sector continues to see rapid growth, but listed players have remained under pressure to balance expansion with profitability, influencing investor expectations for new-age technology listings.The IPO is expected to comprise largely a primary capital raise, with the ₹5,000-crore fresh issue intended to fund expansion and strengthen the balance sheet, while the OFS component is expected to remain limited at about ₹106 crore.An email sent to Zepto seeking comment did not elicit a response till the time of publication.Published on July 27, 2026
