Zepto Moves Closer To Dalal Street, Confidential Sebi Filing Sets Stage For ₹11,000 Crore IPO Next Year

Mumbai: Quick-commerce unicorn Zepto has filed confidential preliminary papers with the Securities and Exchange Board of India (Sebi) to raise around Rs 11,000 crore through an initial public offering (IPO), according to people familiar with the matter. The company has chosen the confidential pre-filing route, allowing it to seek regulatory feedback without making the draft papers public at this stage.

The move signals Zepto’s intent to tap public markets sometime next year, potentially making it one of the youngest Indian startups to list on the stock exchanges.

Joining Listed Rivals

If the IPO materialises, Zepto will join listed peers such as Zomato-which also owns quick-commerce platform Blinkit-and Swiggy, which operates Instamart and debuted on the stock market in November 2024. Zomato’s parent entity, Eternal, has been listed since 2021.

Industry observers see Zepto’s filing as part of a broader trend of new-age internet companies exploring listings amid improving market sentiment.

Why the Confidential Route?

By opting for confidential filing, Zepto can engage with Sebi and stock exchanges on key aspects of the IPO while retaining flexibility on timing, valuation, and structure. This route has gained popularity among companies that want to better align their public offerings with market conditions before a formal draft red herring prospectus (DRHP) is disclosed.

Strong Funding Background

Zepto’s IPO push comes after strong backing from private investors. The company is currently valued at around USD 7 billion and has raised nearly USD 1.8 billion (about Rs 16,000 crore) since inception. In October 2025, it raised USD 450 million in a funding round led by CalPERS, reaffirming investor confidence in its business model.

Zepto became a unicorn in August 2023 after a USD 200 million Series E round valued it at USD 1.4 billion.

Rapid Scale, High Cash Burn

Founded by Aadit Palicha and Kaivalya Vohra, Zepto scaled its 10-minute grocery delivery model rapidly across major Indian cities. As of September 2025, it operated over 900 dark stores, reported gross sales of about USD 3 billion (Rs 26,000 crore), and incurred a cash burn of Rs 1,000–1,100 crore.