Zepto IPO : Details, Timelines And Valuation Analysis

The Zepto IPO is emerging as one of the most closely tracked listings in India’s consumer-tech space. The company has confidentially submitted draft papers to Sebi for an initial public offering of around Rs. 11,600 crore, signalling its intent to enter the stock market in the July–September 2026 window. If the plan moves ahead, Zepto would be among the youngest venture-backed companies to list on Dalal Street and the first pure-play quick-commerce platform to do so after Zomato (now Eternal) and Swiggy.

Zepto IPO Details and Issue Size

As per available disclosures, the Zepto IPO issue size is expected to be in the range of Rs. 11,000–11,682 crore. The offering is likely to combine a large fresh issue with an offer for sale by early investors. Close to Rs. 11,000 crore is expected to be raised as new capital, while the remaining portion will come from secondary share sales.

Since the filing has been made through Sebi’s confidential route, the final structure and pricing may still change. This approach allows the company to adjust the issue based on market conditions closer to the launch. In market discussions, the transaction is already being referred to as the Zepto IPO Rs 11000 cr issue, reflecting its scale among upcoming technology listings.

Use of Proceeds and Strategic Intent

Fresh funds raised through the IPO are expected to support working capital needs, expand the dark-store network, enter new cities, invest in technology, and strengthen the balance sheet. The timing suggests an effort to secure long-term capital while interest in quick commerce and consumer tech remains active.

IPO Timeline, Bankers and Listing Plan

The company is aiming for a listing in the July–September quarter of 2026, subject to regulatory clearances and market sentiment at the time. A strong set of investment banks has been appointed to manage the issue, including Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal, with Morgan Stanley expected to take the lead role.

The mix of global and domestic bankers suggests the issue is being positioned for a broad investor base, spanning institutions, high-net-worth individuals, and retail investors.

Why the Confidential Filing Route Matters In Zepto IPO

Zepto has opted for Sebi’s confidential pre-filing framework, which allows companies to engage with the regulator before making their prospectus public. This route has been used by several new-age firms looking to retain flexibility around valuation and timing.

Swiggy, Meesho, and Groww have followed similar paths in recent years. For Zepto, the confidential route reduces pressure from public scrutiny at an early stage and allows management to respond to feedback from Sebi before finalising the offer document.

Funding History, Valuation and Ownership

Ahead of the public issue, Zepto raised around Rs. 3,700 crore in a pre-IPO funding round in October 2025. The round was led by CalPERS along with existing investors such as Lightspeed and General Catalyst, valuing the company at roughly Rs. 58,000 crore.

In total, Zepto has raised more than Rs. 12,000 crore in equity funding over multiple rounds. In 2024, it raised close to Rs. 2,800 crore at a valuation of nearly Rs. 41,000 crore, making the latest funding a meaningful step-up. These valuations will shape expectations around the Zepto IPO share price once the issue opens.

Zepto Business Scale, Revenue and Losses

Zepto’s expansion over the past two years has been rapid. For FY25, operating revenue is reported in the range of Rs. 9,669–11,110 crore, a sharp increase of 129-150% from Rs. 4,454 crore in FY24. Growth has been driven by a denser dark-store network, higher order frequency, and deeper penetration in large urban markets.

At the same time, losses remain sizable. Net loss for FY25 is estimated at around Rs. 3,367 crore, compared with Rs. 1,214 crore in FY24. While the company has indicated improvements in unit economics, the business continues to require significant capital to fund expansion and logistics.

This financial profile is central to the ongoing debate around whether the Zepto IPO is good or bad for different categories of investors.
Here's a look

The widening loss ratio shows that scale alone has not improved margins. In fact, Zepto lost more money for every additional rupee earned in FY25 compared with the previous year. This trend runs counter to expectations for maturing digital businesses, where costs typically stabilise as volumes rise.

Competitive Position in Quick Commerce

Zepto operates a dark-store-led delivery model focused on groceries and essentials. Its main competitors include Blinkit (Eternal/Zomato), Swiggy Instamart, BigBasket, Flipkart Minutes, and Amazon Now.

Industry estimates suggest Blinkit controls more than half of the market, with Zepto and others competing for the remainder. Zepto has already overtaken Blinkit and Swiggy Instamart on FY24 revenue, highlighting the pace at which it has scaled operations despite intense competition.

How to invest in Zepto before IPO?

You can invest in Zepto before IPO through Stockify. Log in to our portal to buy Zepto Unlisted shares in no time. Plan your investment for timely returns in Pre-IPO shares.