Indian quick-commerce startup Zepto is advancing its initial public offering with a target valuation of approximately $3 billion, a significant reduction from its previous peak of $7 billion.
The company has entered into discussions with prospective anchor investors to secure backing for the listing, marking a pivotal moment in its transition from private growth to public markets.
The anchor investor book is nearing closure, with the Norwegian Sovereign Wealth Fund (Norges) and Indian brokerage firm Motilal Oswal emerging as key participants.
Sources indicate these entities are among the final group of investors being courted to stabilize the offering before it opens to the broader market.
This institutional interest provides a critical validation of the revised valuation, which reflects a more grounded assessment of the company's current market position.
The valuation reset underscores the challenging environment for high-growth tech startups in India, where investor sentiment has cooled from the exuberance of previous funding cycles.