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Zepto’s IPO plans: A look at the journey so far
Quick commerce platform Zepto, which is expected to go public in the July–September quarter of 2026, recently filed draft papers with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), taking the confidential route, according to sources.
This will make the Aadit Palicha-led company the youngest new-age, venture capital-backed company to go public. Once Zepto's IPO goes through, all three major names in the quick commerce segment — Zepto, Blinkit and Swiggy Instamart — will be listed.
What the IPO could raise
The total size of Zepto's IPO is expected to be around $1.3 billion, or roughly Rs 11,000–12,000 crore. Of this, the company plans to raise about Rs 11,000 crore as fresh capital. The remainder will come from an offer-for-sale (OFS) by early investors.
Zepto received shareholder approval for its IPO at an extraordinary general meeting held on December 23. Taking the confidential route will allow it to revise the issue size before formally launching the IPO.
ET had first reported on November 5 that the company was planning to file its draft IPO papers confidentially. Earlier this month, Zepto converted itself into a public company as part of its IPO preparations. The company changed its registered name from Zepto Private Limited to Zepto Limited after its shareholders passed a special resolution.
To manage the issue, Zepto has appointed Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal. Morgan Stanley is the lead banker.
While the listing is still some distance away, the company's IPO plans have been in motion since early this year. The initial plan was paused as Zepto went ahead with a private funding round led by US pension fund Calpers. Existing investors such as Lightspeed, General Catalyst and Avenir Growth also participated in that round.
How Zepto's books look
In a filing made with the Registrar of Companies last week, Zepto reported revenue of Rs 9,669 crore for the 2024–25 financial year, marking a sharp 129% year-on-year increase. However, its net loss nearly tripled to Rs 3,367 crore, from Rs 1,214 crore a year earlier.
In July, ET reported that Eternal-owned Blinkit and Swiggy's Instamart were estimated to have gained market share during the April–June quarter. During the same period, Zepto saw a slowdown as it focused on cutting costs.
A few months later, in October, Zepto closed a $450 million funding round comprising both primary and secondary transactions. Founder Palicha told ET in an interview that the company planned to deploy the capital towards growth. This includes adding a “few hundred” dark stores and prioritising volume expansion over the next 12 months.
So far, Zepto has raised more than $2 billion through private funding rounds across both primary and secondary transactions. This includes the October round, which valued the company at $7 billion, or around Rs 62,000 crore.
With all this funding and the upcoming IPO, the competition between Zepto, Blinkit and Instamart is expected to intensify. At the same time, it is also likely to increase scrutiny on the sector. Mutual fund analysts and industry executives told ET that concerns around high cash burn and aggressive expansion strategies could come into sharper focus once all the major companies are publicly listed.
Rivals' war chests
Swiggy, Zepto's closest rival in quick commerce, raised Rs 10,000 crore earlier this month through a qualified institutional placement. This came after the company had burned through most of the Rs 4,500 crore it raised during its IPO in November last year. Eternal, the parent of Blinkit, had raised Rs 8,500 crore in 2024.
As of late November, Zepto had approximately Rs 7,000 crore in cash reserves. In comparison, Eternal and Swiggy each had around Rs 17,000–18,000 crore on their balance sheets at the time.
The IPO push also comes at a time when deep-pocketed ecommerce rivals such as Flipkart and Amazon are scaling up their own 10-minute delivery offerings.
According to a September note by BofA Securities, Blinkit controlled more than 50% of the quick commerce market. Rivals, including Zepto, Instamart, BigBasket, Flipkart Minutes and Amazon Now, made up the remainder.
Looking ahead, Bernstein analysts estimate that the quick commerce market could grow to $35 billion by 2030, setting the stage for a prolonged and capital-intensive battle among existing and new contenders.
Source: EconomicTimes
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