Synopsis
Quick commerce firm Zepto has secured Sebi's nod for its initial public offering, paving the way for an updated draft prospectus in the next two months. The Bengaluru-based startup aims for a substantial IPO, potentially between Rs 11,000-12,000 crore, largely through a primary issuance.According to one person briefed on the matter, Zepto’s IPO is expected to be sized at around Rs 8,000-9,000 crore. The Bengaluru-based company had confidentially filed its DRHP in December for an IPO of Rs 11,000-12,000 crore, largely comprising a primary issuance. However, the final issue size and pricing remain undecided and could still be revised, the person added.
Another person said that the company currently has around Rs 6,000-7,000 crore of cash on its books.
Zepto did not respond to queries at the time of publishing. ET had first reported the development in its online edition. Sebi later confirmed it through a public notice.
The five-year-old startup is competing with listed rivals Eternal and Swiggy, which operate quick commerce platforms Blinkit and Instamart, respectively. Over the past few quarters, both listed players have reported a slowdown in growth in their 10-minute delivery businesses, even as their bottom lines have improved.
Swiggy on Friday reported a sequential decline in the gross order value (GOV) of its quick commerce business, even as overall cash burn reduced, helping narrow consolidated losses by 26% year-on-year to Rs 800 crore.
ET had reported in April that Zepto had begun engaging institutional investors through pre-IPO roadshows, pitching a plan to achieve full-year post-tax profitability by fiscal 2029 while continuing to grow at 25-30% quarter-on-quarter.
At a time when overall quick commerce growth is moderating and platforms are curbing investments, Zepto has been making the case for scaling order volumes without materially expanding its dark store network.
Zepto’s footprint of around 1,100 dark stores has remained largely unchanged since late last year, even as order volumes have grown, according to sources. During the January-March quarter, the company averaged 2.4-2.5 million orders a day, growing 25-30% sequentially, driven by discounts and free-delivery schemes aimed at increasing order frequency.
The company last raised $450 million in October 2025 at a valuation of $7 billion. However, ET had earlier reported, citing institutional investors, that the valuation now appears out of sync with prevailing public market conditions.
