The initial public offering (IPO) of quick commerce startup Zepto has received bids from different funds of Norges, the Norwegian sovereign wealth fund, Motilal Oswal and other investors, several people aware of the developments told Moneycontrol.
“Between Norges and Motilal, the two investors are likely to cover about 40-45 percent of Zepto’s anchor book,” one of the persons cited above said.
To be sure, the IPO process is still ongoing and some of the other top mutual funds have also expressed interest in placing bets on Zepto and investing as part of its fundraising.
Zepto, Norges and Motilal did not immediately respond to Moneycontrol’s queries.
Norges, via funds such as Government Pension Fund Global (GPFG) is already an investor in several new-age companies including Eternal and Swiggy which directly compete with Zepto in the quick commerce market with Blinkit and Instamart, respectively.
For Zepto, the fresh pre-money valuation of $4.3 billion, and a post-money valuation of about $5.1 billion, is 27 percent lower than the $7 billion valuation Zepto commanded during its $450 million raise from US CALPERS and others in October 2025.
The correction in valuation is largely because of questions around Zepto’s cash burn, profitability and other key metrics. The move to lower the valuation in the public markets, versus what they were in the private markets, is in line with what several other new-age firms, such as Meesho and others, have done in the past.