Zepto likely to pause IPO, in talks to raise ₹1,000 crore from existing investors: Sources. By Rachna Dhanrajani July 30, 2026, 8:32:51 PM IST (Updated) Zepto is likely to press pause on its initial public offering and is instead in talks to raise about ₹1,000 crore from its existing investors, sources told CNBC-TV18. The decision follows a prolonged standoff over valuation with domestic mutual funds and insurers, who have emerged as the dominant participants in anchor books and pre-IPO rounds for new-age listings. Zepto had already lowered its valuation expectation to $4-5 billion ahead of the issue. Domestic institutions, however, sought pricing 30-40% below even that level, with bids coming in at $3.5-4 billion on a pre-money basis, sources said. That marks a sharp reset from October 2025, when Zepto closed a $450 million round led by US pension fund CalPERS at a valuation of $7 billion. Why the funds pushed back Fund managers have rejected Zepto's attempt to benchmark its valuation against listed peers Eternal and Swiggy, on the grounds that Zepto operates only in quick commerce and has no food delivery business, sources said. Investor caution has also been shaped by post-listing performance in the sector. Swiggy currently trades around ₹251, roughly 35% below its IPO price of ₹390. Where the IPO stands Zepto received SEBI's observation letter on May 8 and filed its updated draft red herring prospectus in June. The issue comprised a fresh issue of ₹8,010 crore and an offer for sale of 11.34 crore shares by existing shareholders. The proposed ₹1,000 crore raise is roughly an eighth of the fresh capital Zepto had sought through the IPO. Separately, ICDR norms require that audited financials in an offer document not be more than six months old as on the issue opening date. Zepto's accounts run to March 31, 2026, which places the same September 30 deadline on the current filing. A listing after that date would require the company to add first-half FY27 numbers. Zepto reported revenue from operations of ₹22,624 crore in FY26, up from ₹11,110 crore a year earlier. Net loss widened to ₹5,905 crore from ₹4,700 crore in FY25. The company held cash of ₹5,681 crore as of March 31, against Eternal's ₹17,972 crore and Swiggy's ₹13,512 crore as of their latest disclosures. Zepto operated 1,139 dark stores across 66 cities at the end of March. Zepto had appointed Morgan Stanley, Goldman Sachs, Axis Capital, HSBC, JM Financial, IIFL Securities and Motilal Oswal as bankers to the issue. Zepto had not responded to CNBC-TV18's queries at the time of publication.

AXIS appoints Rahil Jogani as Head of Technology & Artificial Intelligence Strategy. PEMBROKE, Bermuda, July 29, 2026 (GLOBE NEWSWIRE) - AXIS Capital Holdings Limited ("AXIS Capital," "AXIS" or the "Company") (NYSE: AXS) today announced that it has hired Rahil Jogani to the newly created role of Head of Technology & Artificial Intelligence (AI) Strategy. He will be based in the New York office and report to Group Chief Operations Officer Ann Haugh. Mr. Jogani is responsible for shaping the Company's enterprise technology and AI agenda, helping define those strategic priorities, and advancing the adoption of AI and emerging technologies across the business. His work will include identifying measurable business outcomes, including enhanced underwriting insight, claims analysis, portfolio management and risk selection advantage. "Rahil brings direct, practical experience leading AI and technology-enabled transformations across a range of highly regulated global financial services companies. Moreover, he brings a proven ability to bridge the gap between experimentation and scaled impact," said Ms. Haugh. "Rahil's experience working across business, technology, and cross-functional teams will be an asset as we continue to advance responsible, business-driven transformation across AXIS." Mr. Jogani joins AXIS from McKinsey & Company, where he was a Partner and spent 16 years. While there, he advised leading global financial services companies on large-scale business transformation, helping organizations harness technology, data, and AI to create practical operating and competitive advantages. Mr. Jogani also served as the global leader of McKinsey's Technology Strategy, Performance & Transformation practice. About AXIS Capital AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.5 billion as of June 30, 2026, and locations in Bermuda, the United States, Europe, Singapore, and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. | Investor Contact Cliff Gallant +1 (415) 262-6843 [email protected] | Media Contact Anna Kukowski +1 (212) 715-3574 [email protected] | Release Summary AXIS Capital Holdings Limited announced that it has hired Rahil Jogani to the newly created role of Head of Technology & Artificial Intelligence (AI) Recommended reading.