High-angle view of a Zepto dark store in India with workers and parked delivery motorcycles.
Quick commerce platform Zepto is reportedly preparing to launch its Initial Public Offering (IPO) of ₹11,000 crore (approximately $1.1 billion) within the next two months, with a target listing date before July 31.
Sources familiar with the matter indicated that the Indian unicorn plans to submit its updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI) in the coming weeks. This move would position Zepto as the third quick commerce company to go public in India, following in the footsteps of Blinkit’s parent company, Eternal, and Swiggy.
The company had previously received SEBI’s approval for its IPO. Initial reports suggested that the public issue would primarily involve a primary capital raise, though the final size and pricing are yet to be determined. In December 2025, Zepto’s board approved a plan to raise up to ₹11,000 crore through a fresh issuance of shares via its public offering. The company had initially filed its DRHP with SEBI using the confidential pre-filing route.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is a significant player in India’s fast-growing quick commerce market. It competes with rivals such as Blinkit, Swiggy Instamart, and emerging services like Amazon Now and Flipkart Minutes. Recent analysis by brokerage firm Bernstein suggests Zepto operates approximately 1,255 dark stores across 61 cities, surpassing Swiggy Instamart’s 1,181 dark stores in 128 cities. Zepto reportedly handles around 1.6 million daily orders, compared to Instamart’s estimated 1.2 million.
Zepto last raised $450 million in a mixed primary and secondary transaction in October last year, valuing the company at $7 billion. To date, the unicorn has secured over $2.3 billion in funding from investors including Epiq Capital, Dragon Fund, General Catalyst, Y Combinator, and DST Global.
The impending IPO occurs amidst heightened competition in the quick commerce sector, where companies are vying for customer loyalty through rapid delivery, competitive pricing, and product availability. This competitive landscape has spurred significant investment, with Amazon recently announcing a ₹2,800 crore investment in India to expand its quick commerce service, Amazon Now, to 100 cities. Flipkart is also actively investing in its dark store network.
India’s quick commerce market is projected to reach $40 billion by 2030, with quick commerce players expected to achieve $68 billion in gross merchandise value (GMV) by 2031, up from the current $8.3 billion, according to Inc42 data.
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