Zepto valuation slips under $3.5B after pre-IPO fundraising decision

Business Aug 03, 2026

Zepto, the quick-commerce startup, just saw its unlisted shares drop 23% in five days, pushing its valuation under $3.5 billion in the gray market.

This happened after Zepto decided to hold off on its July IPO and raise ₹1,000 crore through a pre-IPO funding round instead.

Zepto market cap about ₹34,000 cr

Zepto's share price fell from around ₹35 to ₹27 over the past week, a sharp almost 60% slide from its December 2025 peak of nearly ₹68.

With a fully diluted share count of around 1,260 crore (as per its latest DRHP), that puts Zepto's market cap at about ₹34,000 crore.

This is noticeably lower than what investors paid during the Series H funding rounds late last year.