Zepto files for Rs 11,000-crore IPO via confidential route, targets listing next year

The quick-commerce unicorn has pre-filed draft IPO papers with Sebi under the confidential route, aiming to raise Rs 11,000 crore and list next year.

Quick-commerce unicorn Zepto has pre-filed draft IPO papers with markets regulator Securities and Exchange Board of India to raise about Rs 11,000 crore, people familiar with the development said, marking the start of its public-market journey.

The company is targeting a stock-market debut next year, which would make it one of the youngest startups to list on Indian exchanges.

What Zepto has filed

According to people aware of the matter, Zepto has submitted a pre-filed draft red herring prospectus to Sebi and stock exchanges under the confidential filing route.

This allows the company to seek regulatory feedback without disclosing the document publicly, offering flexibility to adjust deal size and timing based on market conditions.

Why the confidential route matters

The confidential route has gained traction among high-growth startups preparing for large IPOs, as it reduces public scrutiny in early stages and allows issuers to pause or recalibrate plans if market sentiment turns volatile.

Original angle: Zepto’s choice of confidential filing mirrors a broader shift among consumer-tech startups toward risk-managed listings, after volatile post-IPO performance across several new-age companies.

How Zepto stacks up against rivals

If the listing goes through, Zepto will join listed quick-commerce peers Zomato (via Blinkit) and Swiggy (via Instamart), both of which already trade on Indian exchanges.

Zomato’s parent Eternal listed in 2021, while Swiggy debuted in November 2024.

Backed by strong private funding

Zepto enters the IPO process after heavy private capital backing. The company is valued at USD 7 billion and has raised about USD 1.8 billion (around Rs 16,000 crore) since inception.

In October 2025, it raised USD 450 million (about Rs 3,757.5 crore) in a round led by CalPERS at a USD 7-billion valuation.

Rapid scale, rising burn

Founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra, Zepto scaled rapidly on its 10-minute grocery delivery model.

As of September 2025, the company operated over 900 dark stores, reported gross sales of about USD 3 billion (Rs 26,000 crore), and burned Rs 1,000–1,100 crore in cash.

(With inputs from PTI)