New Delhi, July 31 -- Zepto, a quick commerce company, has put its initial public offering (IPO) plans on hold for now and has instead begun work on raising more than Rs.1,000 crore through a pre-IPO placement from existing investors, according to reports.

The proposed round is expected to include investors such as Glade Brook, General Catalyst, Goodwater Capital, and Nexus Venture Partners. The company is reportedly targeting a valuation of around $4 billion to $4.2 billion.

The move allows Zepto to strengthen its balance sheet while postponing a public market debut until it believes its financial profile is stronger.

Under SEBI regulations, IPO-bound companies can raise up to 20% of the proposed fresh issue through a pre-IPO placemen...