Quick commerce unicorn Zepto has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹11,000 crore through an initial public offering (IPO). This is according to a person familiar with the matter. The company is targeting a stock market debut sometime next year. This move could make it one of the youngest startups to list on Indian exchanges, especially with the Zepto IPO on the horizon.
Founded in 2021, Zepto has opted for the confidential pre-filing route. This allows companies to seek preliminary feedback from SEBI without publicly disclosing their draft red herring prospectus (DRHP). The route has gained popularity among high-growth startups. It offers greater flexibility in fine-tuning issue size, valuation expectations, and timing amid changing market conditions. This is a strategic move considering Zepto’s upcoming IPO.
If the IPO materialises, Zepto will join listed peers Zomato and Swiggy in India’s fast-growing quick commerce and food delivery ecosystem. Zomato parent Eternal, which also operates Blinkit, was listed in 2021. Meanwhile, Swiggy, the parent of Instamart, made its market debut in November 2024. This illustrates the significance of Zepto’s IPO entry into the market.
The confidential filing comes just months after Zepto raised $450 million in a mix of primary and secondary funding rounds. These rounds were led by US-based pension fund California Public Employees’ Retirement System (CalPERS). The funding round valued the company at approximately $7 billion. It significantly strengthened its balance sheet, setting a strong foundation ahead of their IPO.
“This financing is a reflection of our team’s execution to grow the business rapidly while consistently building operating leverage,” Zepto co-founder and CEO Aadit Palicha had said earlier. He also noted that the company holds around $900 million in net cash. This gives it ample firepower to defend and expand its market position, crucial in the lead-up to the Zepto IPO.
As of September 2025, Zepto operated more than 900 dark stores across India. During the same period, the company reportedly burned ₹1,000–1,100 crore in cash. Meanwhile, it clocked gross sales of around $3 billion, or nearly ₹26,000 crore. This shows the scale at which Zepto operates just before their IPO occurs.
With investor interest in consumer internet and logistics-led businesses showing signs of revival, Zepto’s proposed IPO could be one of the most closely watched public offerings in India’s startup ecosystem next year. This makes the Zepto IPO a central point of interest.