MFs push back on Zepto valuation; PE takes AI bets
Top domestic mutual funds are resisting the $4-5 billion IPO valuation sought by quick commerce startup Zepto, demanding a 30-40% reduction. This pushback has prompted Zepto's bankers to engage with high net worth individuals and family offices for support, as the company aims to launch its IPO within two weeks. Zepto has already lowered its valuation expectations from $7 billion, and discussions with asset managers are ongoing, with a potential cut in the IPO size to $650-700 million.