Zepto IPO Sees Massive Interest as Norges and Motilal Oswal Lead Anchor Book Bids

Zepto IPO Sees Massive Interest as Norges and Motilal Oswal Lead Anchor Book Bids​

Quick commerce giant Zepto is witnessing a significant surge in investor interest as its initial public offering (IPO) gains traction from prominent global and domestic players.

Sources familiar with the developments have confirmed that the Norwegian sovereign wealth fund, Norges, and Motilal Oswal have submitted bids to participate in the funding round.

These two heavyweights are expected to secure a significant portion of the debut offering, potentially covering between 40 percent and 45 percent of Zepto’s anchor book.

While the IPO process remains ongoing, several other top mutual funds have expressed keen interest in placing bets on the quick commerce startup as part of its fundraising efforts.

Strategic Positioning of Norges and Market Dynamics​

The involvement of Norges is particularly noteworthy given its existing portfolio of investment in the competitive quick commerce landscape.

Norges, through its Government Pension Fund Global (GPFG), currently holds stakes in major competitors including Swiggy and Eternal.

These companies compete directly with Zepto's market presence via their respective Blinkit and Instamart platforms.

The continued interest from Norges suggests a strategic belief in the scalability of the quick commerce model despite the intense rivalry within the sector.

Significant Valuation Correction for Public Listing​

Zepto has adjusted its valuation significantly to align with public market expectations compared to its previous private funding rounds.

The company is seeking a fresh pre-money valuation of $4.3 billion, leading to a post-money valuation of approximately $5.1 billion.

This marks a sharp decrease from the $7 billion valuation Zepto commanded during its $450 million raise from US CALPERS and other investors in October 2025.

The downward adjustment is primarily driven by investor scrutiny regarding the company's cash burn, path to profitability, and other critical operational metrics.

Alignment with New-Age Tech Market Trends​

The decision to lower the valuation for its public debut reflects a broader trend seen among other prominent new-age firms.

Similar to the trajectory of Meesho and other high-growth startups, Zepto is recalibrating its valuation to meet the rigorous demands of public market investors.

This strategic pivot comes at a time when clarity on profitability is becoming the primary driver for institutional backing in the tech sector.

While Zepto, Norges, and Motilal Oswal have not yet provided official comments on these developments, the current trajectory highlights a pivotal moment for the quick commerce player.