Quick commerce unicorn Zepto on Monday filed updated draft papers with markets regulator SEBI to raise Rs 8,010 crore through a fresh issue of shares as part of its proposed initial public offering (IPO).
Along with the fresh issue, there will be an offer for sale (OFS) of 11.35 crore equity shares by existing shareholders, according to the updated draft red herring prospectus (UDRHP).
According to people familiar with the matter, the overall issue size is estimated at around Rs 11,000 crore. Zepto is expected to launch the IPO in July.
Competition in quick commerce space
If the listing goes through, Zepto will join Eternal and Swiggy on the stock exchanges, competing directly with their respective quick-commerce arms, Blinkit and Instamart.
Use of IPO proceeds and business plans
The company proposes to utilise the proceeds from the fresh issue towards expansion of its dark store network across existing and new geographies, lease rentals of existing dark stores, investments in technology and cloud infrastructure, marketing and business promotion activities, inorganic growth opportunities, and general corporate purposes, draft papers showed.
Company background and regulatory filing route
Zepto, originally incorporated as Kiranakart Technologies Pvt Ltd in December 2020, was renamed Zepto Pvt Ltd in April 2025 and converted into a public limited company in December 2025.
The company filed preliminary IPO papers in December through the confidential pre-filing route, which allows firms to engage with the Securities and Exchange Board of India (SEBI) for initial feedback without publicly disclosing draft documents.
This route has been increasingly opted by firms seeking higher flexibility in their IPO preparations.
Founders and rapid growth story
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, the company rapidly scaled its 10-minute grocery delivery model across major Indian cities.
The public issue comes at a time when India’s quick commerce sector is witnessing rapid expansion, driven by increasing consumer adoption of ultra-fast deliveries.
Financial performance and operating metrics
For FY26, Zepto reported revenue from operations of Rs 22,624 crore and net receivables value (NRV) of Rs 24,816 crore. The company processed an average of 17.5 lakh orders per day during the year and had 1,139 stores as of March 31, 2026. Its annual transacting user base stood at nearly 48 million.
During the quarter ended March 2026, Zepto handled around 210 million orders, translating into about 23.3 lakh orders per day.
Zepto’s operating metrics indicate that the company has been able to scale up while improving efficiency.
Between the September quarter (Q2 FY26) and the March quarter (Q4 FY26), total orders rose from 134 million to 210 million, while average daily orders increased from 1.46 million to 2.33 million.
Moreover, orders per day per store improved from 1,433 to 2,140. At the same time, total cost per order declined to Rs 128 from Rs 181. The company’s adjusted EBITDA loss per order narrowed to Rs 59 from Rs 110.
IPO bankers
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.
Axis Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Motilal Oswal Investment Advisors, HSBC Securities and Capital Markets (India), JM Financial and IIFL Capital Services are book-running lead managers to the issue.