ZEPTO IPO APRIL DRHP REFILE :VALUATION CUT 15–20%

Introduction to Zepto’s Journey

Zepto is moving ahead with its IPO without missing on refiling its draft documents. But the company is facing some pressure to revise its valuation downward after the investor’s scrutiny and also because of high competition in the market. 

About the Company

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto operates in the quick commerce segment, delivering groceries within minutes using a network of dark stores.

Zepto is India’s fastest growing quick-commerce unicorn. They filed their initial Draft Red Herring Prospectus with SEBI on December 26, 2025. At that moment, their target was a $7 billion  valuation post a $450 million funding round.

Right after SEBI’s approval, the company plans to refile an updated DRHP by late April 2026. They aim to incorporate revised financials and market realities. This is a signal towards pragmatic shift, ultimately slashing the valuation by 15-20% to $ 5.6 to 5.95 billion. Zepto IPO DRHP refile April 2026 valuation has moved downwards but the revenue growth indicates a good opportunity for investors that look for safe investments.

The updated DRHP will give information about these:

• Financial performance

• Operational Metrics

• Risk Factors

• Details of the share sale

Filing DRHP is an important confidential route taken by the company to test market sentiment before actually launching the IPO.

Reason Behind Valuation Adjustment

Why is the company downsizing its valuation? Let us read the answers:

• The 15-20% cut from the peak of October 2025 arose from investors' feedback during SEBI’s review. 

• Intense competition from Swiggy Instamart and Blinkit has also pressured margins, with Zepto’s FY 25 net losses ballooning to 177%.

• The company has seen a revenue growth of 129%.

Zepto has taken efforts to cut down the cash burn by 75% and expand their dark stores to 1000+ units. It demonstrates its path to profitability.  

Key Financial Highlights

The FY 25 performance from Zepto highlights hyper growth with profitability challenges. All the metrics mentioned below are sourced from Unlisted Zone.

IPO Timeline and Structure

Zepto’s through its IPO is expected to raise approximately $ 1.3 billion consisting of primary and secondary sales. The lot consisted of both fresh issues as well as limited Offers for Sales by early investors.

After SEBI’s review, the public IPO is slated towards April 2026 end, looking for listing on BSE/NSE by June 2026. The lead managers of Zepto are Morgan Stanley, Goldman Sachs, and JM Financials. 

At the outset of the revised valuation, we expect the price band ₹300-350 per share.

Conclusion

Zepto will not be judged on its losses alone. If the company can show the improving units of economics, higher order frequency, stabilising delivery costs, and path to profitability, it looks that the investors would be able to invest in the company. 

Zepto’s IPO is closely watched because if the company has staggering losses, it has also reported massive profits. The IPO will be a litmus test to show how patient the people are towards high growth, high-burn quick commerce models. 

For any unlisted shares, you can visit Stockify. 

FAQs

When is Zepto refiling its DRHP?

Zepto is expected to refile DRHP by April end in 2026.

Why has the company chosen a 15-20% valuation cut?

The idea is to match the market multiples amid losses and competition.

What is the size of the IPO?

The IPO will be up to ₹11,000 crore for the expansion of the dark stores.

What is Zepto's FY 25 revenue and loss?

The total revenue of Zepto under FY25 is ₹9,668.8 crore revenue which is +129% YoY growth. The losses of the company widened with +177% growing to ₹3,367.3 crore.