Mumbai-based quick-commerce firm Zepto has reportedly filed confidential draft papers with SEBI for a $1.3-billion initial public offering, marking a major milestone in its growth journey. The IPO is expected to raise about ₹11,682 crore, including ₹11,000 crore through a fresh issue of shares, with the remainder coming from secondary sales by early investors.
The proposed offering will enable partial exits for existing shareholders while providing Zepto with capital to fund expansion, technology investments, and operational scale-up. Media reports suggest the company could be valued at around $7 billion, potentially making it the youngest venture capital-backed startup in India to go public, with a listing likely between July and September 2026.
Zepto has assembled a strong lineup of investment banks for the issue. Morgan Stanley will act as lead banker, alongside Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal.
Founded in 2021, Zepto has rapidly scaled its 10-minute grocery delivery model across major cities, supported by a dense network of dark stores and data-driven inventory planning.
Financial filings show explosive growth but rising losses. Revenue surged 129% year-on-year to ₹9,669 crore in FY25, while net losses widened to ₹3,367 crore, reflecting the cash-intensive nature of quick commerce.
The sector remains fiercely competitive, with rivals including Blinkit (owned by Zomato), Swiggy Instamart, Flipkart Minutes, and Amazon Now.
The filing signals renewed momentum in India’s IPO market, as investors closely track Zepto’s path to profitability, operational efficiency, and long-term sustainability.
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