Quick commerce platform Zepto has moved a step closer to its stock market debut after filing an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
As per the updated DRHP, the proposed IPO comprises a fresh issue of shares worth ₹8,010 crore and an offer-for-sale (OFS) of 113 million shares by existing shareholders. Zepto had initially filed its IPO papers through the confidential pre-filing route in December 2025 and reportedly received SEBI’s approval in May.
Via the OFS component, early investor Nexus Venture Partners, US-based Contrary Capital, Kaiser Permanente, and Dubai-based Razor Capital intend to divest shares in the company.
The firm aims to utilise the funds raised from the new issue to expand its dark store locations in both current and new areas, as well as to cover lease costs for its existing facilities. As of 31 March, Zepto had 1,139 dark stores in operation. Furthermore, it plans to allocate resources towards technology and cloud infrastructure, in addition to supporting marketing and promotional activities.
According to reports citing people familiar with the matter, the company is targeting a July listing, which would make it the third quick-commerce player to be publicly traded in India after Eternal and Swiggy. Zepto would also become the first pure-play quick commerce company to list on Indian stock exchanges.
Company details
The founders of the company, Aadit Palicha and Kaivalya Vohra, along with their families and family offices, form Zepto’s promoter group, collectively owning a 19.6% stake in the business.
Palicha and Vohra, together with Paul Hudson, founder of Glade Brook Capital based in the US, Zepto CFO Ramesh Bafna, Anu Hariharan, who is the founder of Avra and a former managing director at Y Combinator, and Akhil Gupta, the former chairman of Bharti Enterprises, make up the board of directors for Zepto. Hudson serves as chairman of the board.
In the January to March quarter, Zepto reported operating revenue of ₹7,498 crore, up 75% year on year. The net loss decreased to ₹1,539 crore, down from ₹1,832 crore the previous year.
In the fourth quarter, Zepto handled 210 million orders on its platform, compared with Blinkit’s 274 million and Swiggy’s Instamart’s 113 million.
Alongside Blinkit and Instamart, Zepto faces competition from Tata-owned BigBasket, Flipkart Minutes, and Amazon Now in India’s 10-minute delivery sector.
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