Zepto Files for Rs 11,000 Cr IPO via SEBI Pre-Filing Route

Quick commerce startup Zepto has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs 11,000 crore (about $1.2 billion) through the confidential pre-filing route, it said on Monday.

According to its filings with the Registrar of Companies (RoC) reviewed by MediaNama, the company received shareholders’ approval to tap the public markets last week. Its IPO will largely consist of a fresh issue of shares and will also include an offer for sale by selling investors.

Zepto is backed by the likes of General Catalyst, Lightspeed, Y Combinator, Motilal Oswal, and Claypond Capital, the family office of Ranjan Pai. If the listing plans fructify, it will become the youngest new-age venture-backed company to debut on the domestic bourses. Its rivals include Swiggy and Eternal, the parent company of Zomato, both of which are already listed.

In terms of valuation, the quick commerce firm is likely to target a premium to its last funding round, which valued it at $7 billion. Zepto is expected to make its public listing in 2026.

Founded in 2021, Zepto started as a grocery delivery startup. Since then, it has expanded beyond grocery and now delivers everything from electronics and apparel to jewellery, beauty and skincare products, and medicines. It is currently locked in an intense battle for market share with Blinkit and Instamart, investing billions to open more dark stores as India’s growing customer base increasingly opts for 10-minute deliveries.

Last month, the quick commerce unicorn converted into a public entity by changing its name from Zepto Private Limited to Zepto Limited. However, the company’s upcoming IPO is clouded by concerns over its financials.

Zepto’s net loss widened 177% to Rs 3,367.3 crore in the fiscal year 2024–25 (FY25), compared to Rs 1,214.7 crore a year earlier, as per the company’s unaudited financials accessed by MediaNama. The deterioration in the bottom line came despite an increase in the top line. Total revenue stood at Rs 9,668.8 crore in FY25, compared with Rs 4,223.9 crore in FY24.

On the one hand, Zepto’s sales more than doubled in FY25, thanks in part to aggressive discounting practices and the use of dark patterns. On the other hand, the startup remained loss-making. Investors now face a critical question: should these losses be a cause for concern, or are they simply part of the company’s scale-up trajectory?

According to a recent report by brokerage firm BofA Securities, Blinkit dominates India’s quick commerce space with a market share of over 50%. Meanwhile, Swiggy and Zepto have been tussling for the second spot.

Over the past 12 months, Swiggy has raised Rs 14,500 crore from public market investors—first through an IPO, and then through a qualified institutional placement (QIP). Blinkit parent Eternal also raised Rs 8,500 crore via a QIP last year.

Through its IPO, Zepto is also looking to add to its war chest at a time when deep-pocketed e-commerce companies Flipkart and Amazon are stepping up their 10-minute delivery plays.

As of the quarter ended September 2025, Blinkit operated over 1,800 dark stores, while Instamart and Zepto had between 1,100 and 1,200 dark stores each. In the Q2 FY26 shareholder letter, Blinkit CEO Albinder Dhindsa said that margin expansion in quick commerce was lower than expected, despite the shift in the business model from a marketplace to own inventory. Blinkit’s adjusted EBITDA loss widened 19-fold to Rs 156 crore in Q2 FY26, from Rs 8 crore in the year-ago period.

Notably, Swiggy CEO Sriharsha Majety also said during the company’s September quarter earnings call that Instamart would eventually move to an inventory-led model. While these quick commerce platforms are likely to continue experimenting with their business models, rising losses raise concerns around sustainable growth in the quick commerce market. Instamart reported a loss of Rs 739 crore in Q2 FY26, up 133% year-on-year.