Zepto may hit pause on IPO; BigBasket’s losses rise
Also in the letter:
■ Rapido’s expansion plans
■ Anicut Capital’s new fund
■ Apple touches $5 trillion value
Zepto negotiating IPO pricing; may defer listing over next few weeks
Aadit Palicha (left) and Kaivalya Vohra, founders, Zepto
Quick commerce startup Zepto is still negotiating the valuation for its initial public offering (IPO) and this could delay the issue if it fails to reach an agreement with investors, people in the know told us.
Deal details:
- Institutional investors have indicated a valuation of around $2.5-3 billion, while Zepto is pushing for a higher price.
- Postponement remains an option if the valuation gap persists over the next few weeks.
- However, the company prefers to list and is reviewing the offers before taking a final call on the issue.
- Zepto’s current draft IPO papers are valid till August 21.
Tell me more: The valuation being discussed is far below $7 billion at which Zepto raised $450 million from US pension fund Calpers in October 2025. It is also lower than the $3.5-4 billion range reported by ET in July.
The The company is also considering reducing its planned issue by 20% from the original Rs 8,010 crore, in line with Sebi (Securities and Exchange Board of India) rules.
Zepto has also approached HNIs (high-net-worth individuals) and retail investors for its anchor book, offering shares for Rs 18.76. But the exercise attracted limited interest after several large mutual funds stayed away.
Also Read: Top funds demand deeper valuation cut for Zepto IPO
Also Read: Zepto’s ops structure sparks regulatory fear ahead of IPO
BigBasket’s losses widen in FY26, revenue rises 7.7%
BigBasket CEO Amit Nanda
BigBasket’s consumer business reported larger losses in FY26, according to Tata Sons’ annual report, as competition in the quick-commerce market intensified.
By the numbers:
- Loss: Widened 66% year-on-year (YoY) to Rs 3,073 crore from Rs 1,850 crore in FY25.
- Revenue: Up 7.7% YoY to Rs 8,223 crore from Rs 7,634 crore.
Leadership change: The results come weeks after Amazon veteran Amit Nanda took over as chief executive, replacing founder Hari Menon. He has been tasked with steering the business towards profitability as competition continues to squeeze margins in quick commerce.
OfBusiness FY26 revenue falls 7%, profit rises 21%
Ofbusiness cofounders Ruchi Kalra and Asish Mohapatra
SoftBank-backed OfBusiness reported lower revenues but higher profits in FY26.
Financials:
- Revenue: Down 7% to Rs 20,645 crore from Rs 22,241 crore a year earlier.
- Net profit: Up 21% to Rs 724 crore from Rs 597 crore.
Rapido’s Ownly eyes multi-city expansion starting next quarter
Aravind Sanka, founder, Rapido
Rapido’s food delivery arm Ownly is expanding to more cities in the coming quarter, cofounder and CEO Aravind Sanka said on Wednesday.
Growth path: Ownly, which launched in Bengaluru on March 15, has seen strong month-on-month growth, Sanka said. It has onboarded 25,000 restaurants so far and is seeing an average order value (AOV) of Rs 200-220. This is about half that of incumbents Swiggy and Zomato.
“Ownly’s repeat customers and order frequency are much higher than the industry average. Consumers and restaurants who are seeing value in us are doubling down on this platform,” he said at a press conference.
Main value: Sanka reiterated that Ownly will continue to charge zero commission from restaurants and will entirely rely on delivery charges to generate its income. He added that the food delivery business will leverage Rapido as a platform for acquiring customers.
Bengaluru restaurant bodies warn of Swiggy, Zomato boycott in 15 days over commissions
Bengaluru’s hotel and restaurant associations have again raised concerns over high commissions charged by Swiggy and Zomato, and said they may boycott the platforms if their demands are not met within two weeks.
What’s the issue: Hundreds of hotel and restaurant owners attended a meeting held on Tuesday in Bengaluru by the Hotel Owners’ Association. Multiple restaurant associations also raised their voice on the matter.
The demands: The main issues are commissions of 30% to 45%, the burden of funding discounts, and the platforms’ refusal to share customer data with restaurant partners.
Anicut Capital launches Rs 175-crore seed fund to back 20 startups
Chennai-based alternative investment firm Anicut Capital has launched its second early-stage equity fund, targeting Rs 175 crore with a possible increase of Rs 75 crore.
Fund funda:
- The fund will back startups across deeptech, enterprise technology, consumer, and financial services domains.
- The new vehicle will invest in 20 startups from pre-seed to series A, with initial cheques of Rs 5-8 crore.
Tell me more: The fund is part of a Rs 3,000-crore programme across equity and debt, cofounder IAS Balamurugan told us.
- Its earlier angel fund has invested about Rs 310 crore across 68 companies since FY21, and is generating an annualised return of around 30%.
- The portfolio includes Agnikul Cosmos, ePlane, Giva, Blue Tokai, and Snapmint.
Apple briefly becomes second company ever to cross $5 trillion market value
Apple briefly crossed $5 trillion in market value on Tuesday, becoming only the second company ever to do so after Nvidia. Its shares subsequently settled lower, leaving the company at about $4.96 trillion by the day’s close.
What drove the rally: Apple has risen this year mainly due to its reluctance to participate in the expensive AI infrastructure race that its Big Tech peers have been involved in. Instead of building heavy in-house AI systems, Apple has leaned on Google’s technology for features like a revamped Siri, helping it sidestep huge data-centre spends.
Pricing and leasing: Apple also supported demand by keeping iPhone prices steady while raising MacBook and iPad prices, encouraging buyers to bring forward purchases. On Tuesday, it launched a device-leasing program with Klarna in the US.
What investors like: The iPhone maker’s shares are up 24% this year, far ahead of most of the Magnificent 7. Analysts said Apple is betting that customer experience matters more than infrastructure arms races.
