Zepto, a quick commerce startup, is getting ready to go public and is anticipated to submit its draft documents as early as Friday. The corporation wants to raise approximately Rs 11,000 crore in new funding. The remainder will go to early investors who are selling their shares.

The money raised will go directly to Zepto to fund:
Business expansion

Technology and logistics

Growth in new cities

Working capital needs

Zepto plans to file its IPO papers under SEBI’s confidential filing facility, a route that allows the company to keep its financial and business details out of the public domain initially. This approach also gives Zepto the flexibility to revise the size of its IPO at a later stage, enabling it to respond better to market conditions before making the offer fully public.
Financial performance snapshot

Revenue (FY25): ₹9,669 crore
→ Growth of 129% year-on-year

Net loss (FY25): ₹3,367 crore
→ Losses nearly tripled from the previous year

Zepto intended to submit its IPO draft documents via the secret route, as ET first revealed on November 5. According to reports, the four-year-old company hopes to list between July and September of next year.
Along with Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal, Zepto has designated Morgan Stanley as the lead banker to oversee the matter.
Ahead of its IPO filing, Zepto has tightened costs, cutting around 800–900 roles through layoffs and unfilled vacancies, while also reducing customer acquisition expenses and corporate overheads. Unlike Zepto, the parents of its two major rivals, Blinkit owner Eternal and Instamart parent Swiggy are already listed.
As of late November, Zepto held about ₹7,000 crore in cash, which it is using to compete in the capital-intensive quick commerce space. Rivals remain strongly funded: Eternal raised ₹8,500 crore last year, while Swiggy raised ₹10,000 crore via QIP, on top of its ₹4,500 crore IPO in 2024, leaving both with roughly ₹17,000–18,000 crore in cash.
Quick Commerce Competition Intensifies as Zepto, Blinkit and Rivals Scale Up

In October, Zepto raised $450 million, led by US pension fund CalPERS, with about $300 million coming directly into the company. In December, Blinkit CEO Albinder Dhindsa said that public investors may not be willing to keep funding heavy expansion in quick commerce and that the industry will soon be judged on how sustainable its growth is.
According to a BofA Securities report, Blinkit holds over 50% of the quick commerce market, while players like Zepto, Instamart, BigBasket, Flipkart Minutes and Amazon Now share the rest.
Competition is increasing as Flipkart and Amazon expand aggressively, Flipkart Minutes is close to 800 dark stores, and Amazon Now is adding two small warehouses every day in major cities. By September-end, Blinkit had over 1,800 dark stores, while Instamart and Zepto operated around 1,000–1,100 each.

Zepto Moves Towards Public Listing with Planned ₹11,000 Crore IPO

Author:Ufaq Ahmed Ansari

Updated At:26 Dec 2025