The proposed valuation represents a sharp reduction from Zepto’s last private funding round
Quick commerce firm Zepto has earmarked ₹2,298 crore for anchor investors as part of its proposed ₹5,106-crore initial public offering (IPO), people familiar with the development said. The company has begun discussions with prospective anchor investors while targeting a post-money valuation of around ₹29,106 crore ($3 billion).According to the proposed deal contours, the IPO will comprise a fresh issue of ₹5,000 crore and an offer for sale (OFS) of about ₹106 crore. The anchor portion, at ₹2,298 crore, accounts for nearly 45 per cent of the total issue size.The remaining issue is proposed to be split into a ₹1,532-crore qualified institutional buyers (QIB) book, a ₹766-crore high-net-worth individual (HNI) portion, and a ₹511-crore retail allocation.Valuation targetPeople aware of the discussions said the company is looking at a pre-money valuation of around ₹24,000 crore ($2.5 billion), implying a post-money valuation of approximately ₹29,106 crore ($3 billion) after the fresh issue. The indicative issue price is around ₹18.76 per share.However, the discussions with investors are still underway and the valuation and final issue structure remain subject to demand.An email sent to Zepto seeking comment did not elicit a response till the time of publication.The proposed valuation represents a sharp reduction from Zepto’s last private funding round. The company was valued at $7 billion when it raised $450 million from investors, including US CALPERS, in October 2025.The lower IPO valuation reflects the more conservative pricing environment in the public markets, where investors have increasingly favoured sustainable growth and a clearer path to profitability over the lofty valuations often seen in private funding rounds.Zepto received the Securities and Exchange Board of India (SEBI)’s approval for its IPO in April and has since been working towards its public market debut.The Aadit Palicha-led company competes with Blinkit, owned by Eternal, and Swiggy Instamart, backed by Swiggy, in India’s fast-growing quick commerce market. The IPO is expected to provide fresh capital to support expansion while also giving existing shareholders a limited liquidity opportunity through the small OFS component.Published on July 28, 2026
