Indian quick-commerce startup Zepto has filed for an initial public offering, setting up one of the most closely watched tech listings in the country.
The company plans to raise up to ₹80.1 billion (about $837.41 million) through a fresh share issue. The IPO will also include an offer-for-sale of up to 113.5 million shares by existing investors.
According to the filing released Monday, Zepto may also raise as much as ₹16.02 billion (about $167 million) through a pre-IPO placement.
Revenue more than doubled
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto competes with:
- Blinkit, owned by Zomato.
- Instamart, operated by Swiggy.
- Amazon.
- Walmart-backed Flipkart.
The company reported strong growth in fiscal 2026.
Key figures from the filing include:
- Operating revenue rose 104% year over year to ₹115.5 billion (around $2.4 billion).
- Advertising revenue increased more than 151% to ₹16.4 billion (about $171 million).
- More than 640 million orders were processed during the year.
- Annual transacting users climbed to nearly 48 million.
- The company expanded its network to 1,139 stores.
Losses widened
Despite the growth, Zepto remained unprofitable.
The company reported a net loss of:
- ₹59.1 billion (about $617.36 million) in fiscal 2026.
That compared with:
- ₹47 billion (around $492.45 million) a year earlier.
Zepto said in its filing that it may continue to incur losses and may not maintain its historical growth rates.
Investors split on valuation
Zepto was valued at $7 billion in its October funding round.
Backers include:
- Y Combinator
- Lachy Groom
- Nexus Venture Partners
- StepStone
- Glade Brook
- Lightspeed
Several shareholders are choosing not to sell shares in the IPO.
Those retaining their holdings include:
- Y Combinator-affiliated funds.
- Lightspeed.
- StepStone.
- Lachy Groom.
- Glade Brook.
According to people familiar with the matter cited in the report, some mutual funds and family offices reviewing the company ahead of the offering have indicated valuations below Zepto’s last private-market valuation.
Enforcement Directorate inquiries
The filing also disclosed that founders Palicha and Vohra received summonses from India’s Enforcement Directorate in April.
The agency sought information regarding:
- Foreign investments.
- Zepto’s shareholding structure.
- Other matters related to India’s foreign-exchange laws.
The founders later appeared before the agency and provided documents and information requested.
Zepto said it has not received further communication from the regulator, though it warned that future inquiries, investigations or penalties cannot be ruled out.
Shift back to India
The IPO follows Zepto’s decision last year to move its legal domicile from Singapore to India.
The restructuring mirrors a broader trend among startups seeking listings on Indian stock exchanges.
TL;DR
Zepto has filed for an IPO after doubling revenue in fiscal 2026, but the Indian quick-commerce startup also posted larger losses. The company plans to raise up to ₹80.1 billion as investors debate its eventual public-market valuation.
AI summary
- Zepto filed for an IPO and plans to raise up to ₹80.1 billion.
- Revenue more than doubled to ₹115.5 billion in fiscal 2026.
- Net losses widened to ₹59.1 billion.
- Several major investors are retaining their stakes.
- The filing revealed inquiries from India’s Enforcement Directorate.
