Zepto files confidential IPO papers with SEBI; eyes Rs 11,000 cr via issue

Quick commerce unicorn Zepto has filed preliminary papers with the markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 11,000 crore through its initial public offering (IPO) using a confidential route, people familiar with the development said on Saturday. The company is targeting a stock market listing sometime next year, a move that could make it one of the youngest startups to debut on Indian exchanges. If the listing goes through, Zepto will join its rivals Zomato and Swiggy, both of which are already listed on the exchanges. According to the people familiar with the development, Zepto has filed “the pre-filed draft red herring prospectus with SEBI and the stock exchanges.

In relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges.” Zepto has opted for the confidential pre-filing route, which allows the company to engage with the SEBI for initial feedback on its draft document without it being publicly disclosed.

This route has been increasingly favoured by companies seeking more flexibility in their IPO preparations and responding to market conditions before a public filing. Eternal, which owns Zomato and quick commerce platform Blinkit, was listed in 2021, while Swiggy, which operates Instamart, made its stock market debut in November 2024. This public-market push comes following strong private funding support.

Valued at $7 billion, Zepto has raised a total of $1.8 billion, or about Rs 16,000 crore, from marquee investors since its inception. In October 2025, the company raised $450 million (about Rs 3,757.5 crore) in a funding round led by the California Public Employees’ Retirement System (CalPERS) at a valuation of $7 billion. Zepto achieved unicorn status in August 2023, after raising $200 million in its Series E funding round, which valued the startup at $1.4 billion. Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto rapidly scaled its 10-minute grocery delivery model across major Indian cities. As of September 2025, the company had more than 900 dark stores, burned Rs 1,000-1,100 crore in cash and garnered gross sales of $3 billion, or about Rs 26,000 crore.