Zepto is finalizing its anchor book for a ₹11,000 crore IPO, with major interest from the Norwegian Sovereign Wealth Fund and Motilal Oswal. The quick-commerce firm is targeting a $5.1 billion valuation, reflecting a moderation from its previous $7 billion valuation in 2025.
The quick-commerce platform Zepto is in the final stages of closing its anchor investor round as it prepares for an initial public offering (IPO) expected to raise approximately ₹11,000 crore. Reports indicate that the Norwegian Sovereign Wealth Fund and Motilal Oswal are among the key entities negotiating to secure nearly 40-45% of the shares reserved for anchor investors. The anchor book is structured to account for 30-45% of the total issue size.
Valuation and Market Context
Zepto has positioned its IPO valuation at $5.1 billion. This figure marks a downward adjustment from the $7 billion valuation the company reached during its funding round in October 2025. During that period, the company raised $450 million in a round led by the California Public Employees' Retirement System (CalPERS). Current discussions reveal that some foreign investors have shown interest at a pre-money valuation closer to $4.5 billion, highlighting a gap in price expectations as the company heads toward a public listing.
According to regulatory filings submitted in December 2025, the IPO will consist of a fresh issue of shares worth ₹8,010 crore, alongside an offer for sale (OFS) of 11.35 crore equity shares by existing investors. The company, led by founders Aadit Palicha and Kaivalya Vohra, is entering a public market environment where competition in the 10-minute delivery space is intensifying. Zepto currently competes with established players like Blinkit, operated by Zomato, and Swiggy Instamart, both of which have been aggressively expanding their quick-commerce footprint.
Financial Performance and Growth
For the financial year 2025-26, Zepto reported revenue from operations of ₹22,624 crore, with a net receivables value of ₹24,816 crore. While the company has seen rapid revenue growth, investors often monitor the profitability of quick-commerce firms, as high logistics and delivery costs frequently put pressure on profit margins. The success of the IPO will depend on the company's ability to demonstrate a path toward sustainable profitability amidst high operational expenses and heavy promotional spending required to maintain market share.
The next steps for investors involve monitoring the final price discovery once the anchor book closes, as well as the company’s ability to execute its growth strategy without further diluting margins. The market will also track how the stock performs relative to its peers in the quick-commerce and food delivery sectors once it is listed on the exchanges.