Zepto Secures SEBI Nod for $1.3 Billion IPO

Quick commerce platform Zepto has received approval from the Securities and Exchange Board of India (SEBI) for its much-anticipated initial public offering, marking a significant step towards its public market debut. According to media reports, the Aadit Palicha-led company is looking to raise between $1.2 billion and $1.3 billion, equivalent to roughly Rs 10,000 to Rs 12,000 crore, through a mix of fresh issue and offer for sale by existing investors.

The development, first reported by The Arc, comes after Zepto opted for the confidential filing route, allowing it to refine the structure, valuation and timing of the IPO without disclosing sensitive financial details publicly. The offering is expected to hit the market between July and September 2026, making it one of the most closely watched listings in India’s consumer internet space.

Rapid growth in a Competitive Market

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has quickly scaled to become a leading player in India’s fast-growing quick commerce segment. It competes with established rivals such as Blinkit and Swiggy Instamart, as well as newer aggressive expansions by Flipkart and Amazon in the space.

The company was last valued at around $7 billion following a $450 million funding round in 2025 and has raised more than $2.3 billion to date. Its IPO is expected to serve as a key benchmark for investor appetite in the quick commerce category, which continues to see rapid expansion alongside rising competition.

Also Read: India’s Digital Payments Now Account for 93% of Payment Value

Financial Performance and Dark Store Expansion

On the financial front, Zepto reported strong revenue growth for the year ended March 2025, with total income more than doubling to Rs 9,668.76 crore from Rs 4,223.91 crore in FY24. However, losses also widened significantly, with net loss increasing to Rs 3,367.28 crore from Rs 1,214.67 crore a year earlier, reflecting continued investments in scale and infrastructure.

The battle for dominance in the quick commerce segment remains intense, particularly in the dark store network. Blinkit is expected to surpass 2,100 dark stores by December 2025, while Swiggy Instamart and Zepto had 1,136 and 1,150 stores, respectively, at the same time. Meanwhile, Flipkart is targeting over 1,500 quick commerce dark stores by 2026, and Amazon has expanded its footprint to around 450 to 500 stores.

Zepto’s upcoming IPO will be closely tracked as investors weigh growth potential against profitability challenges in one of India’s most dynamic digital commerce segments.