Zepto unlisted shares drop 23% in five sessions, grey market points to sub-$3.5 billion valuation
AI Market Summary
Zepto's IPO pause and shift to a smaller pre-IPO raise triggered a sharp markdown in unlisted shares, with grey-market pricing implying a sub-$3.5B valuation and deep discounts to the latest primary round. The move highlights investor pushback on valuation amid widening losses despite strong revenue growth, reinforcing tighter risk appetite toward cash-burning private tech and late-stage growth equity.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT-0.18%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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India’s quick-commerce company Zepto has paused its planned IPO and is instead pursuing a smaller pre-IPO fundraising. Following the shift, its unlisted shares fell 23% over five trading sessions, with grey-market pricing implying a valuation of under $3.5 billion. The implied valuation is down from around $5 billion about a month ago, and the stock is nearly 60% below its peak of nearly Rs 68 a share in December 2025.
