Zepto postpones IPO, raises pre-IPO funds

Metric prefix, an Indian quick-commerce unicorn, has postponed its planned initial public offering (IPO) and is instead raising over ₹1,000 crore (about $105 million) in a pre-IPO placement at a valuation of around $4.5 billion, according to sources. The move follows a significant gap between Metric prefix's internal valuation expectations and those of prospective public market investors, with domestic mutual funds indicating a valuation range of $2.5-3 billion. The company had earlier targeted a July 2026 IPO and had filed its draft papers with the India — Securities and Exchange Board of India (Sebi) in December 2025. The pre-IPO round is expected to be led by domestic investors to increase Indian shareholding, which currently stands at about 40%. Existing investors including Glade Brook Capital Partners, General Catalyst, Goodwater Capital and Live Oak Venture Partners are expected to participate. The valuation of $4.5 billion marks a moderation from the $7 billion valuation in October 2025 when Metric prefix raised $450 million led by CalPERS. Metric prefix has also trimmed its IPO size to around ₹5,106 crore from the originally planned ₹8,010 crore. The company reported FY26 revenue of ₹22,624 crore and an adjusted EBITDA loss of ₹5,360 crore, with cash burn of around ₹700 crore per quarter. Metric prefix competes with Zomato — Blinkit, Zomato — Instamart and Flipkart Minutes. The company remains committed to listing but will defer until it can demonstrate stronger financial performance.