Mumbai: Quick commerce platform Zepto is preparing to launch its Rs 11,000-crore Initial Public Offering (IPO) in July, according to people familiar with the development.
The Bengaluru-based startup recently received approval from the Securities and Exchange Board of India (Sebi) for its public issue and is now expected to file its Updated Draft Red Herring Prospectus (UDRHP).
The company had earlier filed its IPO papers through the confidential filing route in December 2025. Sources said Zepto is aiming to complete its stock market listing before July 31.
If the IPO goes ahead as planned, Zepto will join listed quick commerce rivals Zomato and Swiggy on Indian stock exchanges.
Focus On Dense Urban Markets
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto has been following a different business strategy compared to competitors.
According to a recent report by brokerage Bernstein, the company is focusing more on increasing its presence within existing cities instead of expanding rapidly into new markets.
The report noted that Zepto currently operates around 1,255 dark stores across 61 cities. In comparison, rival Blinkit has over 2,222 stores spread across 243 cities.
Bernstein said Zepto has nearly 21 stores per city, much higher than the industry average of around nine stores per city among competitors. The brokerage added that the company is trying to strengthen deliveries and customer engagement in densely populated urban areas.
Betting On Better Profitability
The report suggested that Zepto’s strategy is aimed at improving operational efficiency and unit economics rather than simply increasing the number of cities served.
The company appears to believe that stronger penetration in high-demand metro markets can create better long-term profitability than wider but thinner national expansion.
Strong Investor Support
Zepto’s IPO plans come after strong investor interest over the past few years.
In October 2025, the startup raised USD 450 million, or around Rs 3,757.5 crore, in a funding round led by CalPERS at a valuation of USD 7 billion.
The company had achieved unicorn status in August 2023 after raising USD 200 million in its Series E funding round, which valued the startup at USD 1.4 billion.
(With PTI Inputs)
