Zepto Files Confidential Papers for $1.3 Billion IPO in India
Bengaluru-based quick commerce startup Zepto has confidentially filed draft papers with the Securities and Exchange Board of India for an initial public offering (IPO) to raise more than $1.3 billion.
The filing includes a fresh issue of shares worth about 110 billion rupees and an offer for sale by some early investors.
Shareholders approved the move at an extraordinary general meeting on December 23, 2025.
The company aims for a stock market listing by September 2026.
Zepto operates over 1,000 dark stores across major Indian cities and delivers groceries, electronics and other products in as little as 10 minutes.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, the firm rebranded from KiranaKart and shifted to a dark-store model to enable rapid deliveries.
In its most recent funding round in October 2025, Zepto raised $450 million led by the California Public Employees’ Retirement System, reaching a valuation of $7 billion.
Backers include Lightspeed Venture Partners, Y Combinator and Nexus Venture Partners.
Morgan Stanley leads the IPO banking syndicate, joined by Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal.
For the financial year ended March 2025, Zepto posted revenue of 96.69 billion rupees, up 129% from the prior year, while its net loss expanded to 33.67 billion rupees from 12.14 billion rupees.
The company held cash reserves of around 70 billion rupees as of late November 2025.
In fiscal 2024, operating revenue stood at 4,454 crore rupees with a net loss of 1,249 crore rupees.
Zepto faces competition from Swiggy’s Instamart, which raised 100 billion rupees in a December 2025 share sale, and Zomato’s Blinkit, which secured 85 billion rupees via a qualified institutional placement in November 2024.
Amazon launched its quick delivery service in Mumbai, Delhi and Bengaluru in June 2025, while Walmart-owned Flipkart entered the segment in 2024.
“We are consciously working towards an IPO. We have stated that ambition publicly as well. Although it is difficult to comment candidly, the fundraisers are a function of when capital is available and what price and is it available from high quality partners or not, so it is difficult to comment what we will do before the IPO, but presumably we do a pre-IPO and then we do an IPO is the most likely scenario. But yes, the ambition would be to go public relatively soon, hopefully sometime next year. But again, we will see. There are lots of factors that might change between now and then,” Palicha said in a November 2024 interview.
“Zepto has a valuation of $5 billion as per the last round,” Palicha said in the same interview.
