Express trading firm Zepto has earmarked ₹2,298 crore for anchor investors as part of its ₹5,106 crore initial public offering (IPO), people familiar with the development said. The company has started discussions with anchor investors for the opportunity while setting a post-money valuation of around ₹29,106 crore ($3 billion).
According to the proposed settlement agreement, the IPO will consist of a fresh issue of ₹5,000 crore and an offer for sale (OFS) of around ₹106 crore. The anchor segment, at ₹2,298 crore, accounts for nearly 45 percent of the total issue size.
The remaining issue is proposed to be split into qualified institutional buyer (QIB) book, ₹766- crore high net worth individual (HNI) and ₹511-crore retail allocation.
Valuation objectives
People familiar with the discussions said the company was looking at an initial valuation of about $24 trillion ($2.5 billion), implying a post-money valuation of about $29.106 billion ($3 billion) after the new issue. The implied issue price is approximately ₹18.76 per share.
However, discussions with investors are still ongoing and the valuation structure and the final issue remain subject to demand.
An email sent to Zepto seeking comment did not elicit a response until the time of publication.
The proposed valuation represents a significant drop from Zepto’s last private funding round. The company is valued at $7 billion when it raises $450 million from investors, including US CALPERS, in October 2025.
The low IPO valuation reflects a conservative pricing environment in the public market, where investors favor sustainable growth and a clearer path to the high valuations often seen in private equity financing rounds.
Zepto received approval from the Securities and Exchange Board of India (SEBI) for its IPO in April and has since been working towards its public market launch.
The Aadit Palicha-led company competes with Blinkit, owned by Eternal, and Swiggy Instamart, backed by Swiggy, in India’s fast-growing shopping market. The IPO is expected to provide fresh capital to support growth while also providing shareholders with limited liquidity through a small OFS component.
Published on July 28, 2026
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