Latest / The Startup Exit Podcast with Fexingo: IPOs, Acquisitions, and Founder Liquidity Events
How Mercor and Zepto Reveal the New IPO Valuation Games
Episode 40 dives into two very different IPO filings from the same week: Zepto, the Indian quick-commerce giant that grew 170% year-over-year but lost $180 million, and Mercor, the AI hiring startup whose founder publicly accused Sequoia of 'dual-pricing' valuation tricks. Lucas and Luna unpack what these fights tell us about the state of founder liquidity in mid-2026 — from revenue multiples to earnout structures to the power dynamics of late-stage rounds. A concrete look at how founders are navigating a market where IPOs are open but valuations are under a microscope.
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