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Zepto may file papers for up to $800 million IPO soon, sources say
Zepto may file papers for up to $800 million IPO soon, sources say
Mumbai-based quick commerce startup Zepto is preparing to file for an initial public offering (IPO) in December, possibly within the next few days, sources told CNBC-TV18. The proposed IPO is expected to raise about $750-800 million.
The grocery delivery firm's offering is likely to comprise a mix of fresh issue and secondary share sales by existing investors, with the proceeds set to be used for business expansion.
Discussions are still ongoing and key details, including the issue size and timeline, remain subject to change.
The 10-minute delivery platform is understood to be working with Axis Bank, Motilal Oswal Investment Advisors, and the local units of Morgan Stanley, HSBC and Goldman Sachs to file its draft prospectus through the confidential route.
Zepto's order volumes and net sales value have grown by about 45% over the past six months, with the platform now handling close to 2 million orders a day. Its cash burn is said to be on a downward trajectory, aided by higher throughput of around 2,000 orders per store per day, supply chain automation, and a reduction in customer acquisition costs.
The company is also sitting on a sizable cash pile, estimated at close to ₹7,000 crore, and sources claim it could have the largest net cash position among new age companies heading to the public markets, including Swiggy, Meesho and Lenskart.
“We have grown from around 500,000 orders per day in mid-2024 to about 1.6-1.7 million orders per day now. Even as we have scaled 250% in the past five quarters, we have turned hundreds of stores profitable. Those are the foundations for this fundraise,” Aadit Palicha, co-founder and CEO of Zepto, had said in an earlier exclusive interaction with CNBC-TV18.
Looking ahead, the company plans to add a few hundred new stores over the next five months, expanding beyond its current network of over 1,000 dark stores. “We are also investing in technology and IP creation, from automating financial processes and building supply chain intelligence to deepening our advertising and AI capabilities,” Palicha added.
The proposed IPO comes after an aggressive funding run over the past 18 months. Zepto raised $665 million in June 2024 at a valuation of $3.6 billion, followed by a $340 million round in August that took its valuation to $5 billion, and a $350 million all-domestic fundraise in November 2024.
Founded in 2020 by Aadit Palicha and Kaivalya Vohra, then both 19, Zepto's rise from delivering groceries on bicycles in Mumbai during the pandemic to becoming a $7 billion tech company ranks among India's fastest startup scale-ups.
Source: Msn
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