Zepto IPO Attracts Norges, Motilal Oswal Ahead Of $800 Million Public Issue

Norges, Norway’s sovereign wealth fund, and Motilal Oswal are among the investors that have expressed interest in participating in Zepto’s proposed $800 million initial public offering (IPO), Moneycontrol reported, citing people familiar with the development.

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The two investors are expected to account for around 40-45% of the company’s anchor book, according to the report. The IPO process is still underway, with several mutual funds also showing interest in participating in the fundraising.

Zepto, Norges and Motilal Oswal had not immediately responded to Moneycontrol’s queries at the time of the report.

Zepto IPO Valuation Lower Than Previous Private Round

The proposed IPO is expected to give Zepto a pre-money valuation of around $4.3 billion and a post-money valuation of approximately $5.1 billion. The post-money valuation would be around 27% below the $7 billion valuation assigned to the company during its $450 million funding round in October 2025.

The valuation adjustment comes as investors assess the quick-commerce company’s cash burn, profitability and other operating metrics ahead of its public-market debut.

The proposed issue would make the Zepto IPO one of the largest public offerings from India’s new-age consumer internet sector. The company operates in the quick-commerce market, where it competes with platforms backed by listed companies and other major technology businesses.

Norges Already Invested In Competing Platforms

Norges, through the Government Pension Fund Global (GPFG), already holds investments in several Indian new-age companies, including Eternal and Swiggy. These businesses operate competing quick-commerce platforms Blinkit and Instamart, respectively.

The potential participation of Norges in the Zepto IPO would therefore add another quick-commerce investment to the sovereign wealth fund’s portfolio.

The proposed valuation is also lower than the level at which Zepto raised private capital in 2025. Such valuation resets have previously been seen among new-age companies preparing to enter the public markets, as private-market valuations are reassessed during the IPO process.

The Zepto share price will be closely watched after listing as investors assess the company’s public-market valuation against its previous private funding rounds and the financial metrics disclosed in its IPO documents. Further details on the final issue structure, anchor allocation and investor participation are expected as the IPO process progresses.