Zepto Moves Closer to IPO With Updated DRHP, Plans ₹8,010 Crore Fresh Issue

Zepto has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), comprising a fresh issue worth ₹8,010 crore along with an offer-for-sale (OFS) of 113 million shares, moving closer to its planned stock market debut.

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Updated DRHP Details

The revised DRHP says that Zepto IPO offers a fresh issue of shares at ₹8,010 crore and an Offer for Sale (OFS) of 113 million shares by existing shareholders. The company had initially filed its IPO documents via the confidential pre-filing route in December 2025 and reportedly received SEBI approval in May.

Through the OFS component, early investors including Nexus Venture Partners, US-based Contrary Capital, Kaiser Permanente, and Dubai-based Razor Capital are expected to sell their stake.

Planned Use of IPO Proceeds

The company plans to deploy the proceeds from the fresh issue towards expansion of its dark store network across existing and new locations. As of 31 March, Zepto operated 1,139 dark stores.

Funds will also be used to meet lease expenses for existing facilities. In addition, the company plans to invest in technology and cloud infrastructure, along with marketing and promotional activities.

Listing Timeline And Market Position

According to reports citing people familiar with the matter, Zepto is targeting a July listing. If completed, it would become the third quick-commerce company to list in India after Eternal and Swiggy. It would also be the first pure-play quick-commerce platform to debut on Indian stock exchanges.

Shareholding And Board Structure

The promoters, Aadit Palicha and Kaivalya Vohra along with their families and family offices, hold a combined 19.6% stake in Zepto.

The board includes Palicha, Vohra, Paul Hudson, founder of Glade Brook Capital, Zepto CFO Ramesh Bafna, Anu Hariharan, founder of Avra and former managing director at Y Combinator, and Akhil Gupta, former chairman of Bharti Enterprises. Hudson serves as the chairman of the board.

Financial Performance

For the January–March quarter, Zepto reported operating revenue of ₹7,498 crore, marking a 75% year-on-year increase. Net loss narrowed to ₹1,539 crore from ₹1,832 crore in the same period last year.

During the fourth quarter, the company processed 210 million orders, compared with Blinkit’s 274 million orders and Swiggy Instamart’s 113 million orders.

Competitive Landscape

Zepto operates in India’s 10-minute delivery segment, where it competes with Blinkit, Swiggy Instamart, Tata-owned BigBasket, Flipkart Minutes, and Amazon Now.

The IPO filing marks a key step for Zepto as it advances toward a public listing amid growing competition in the quick commerce sector.