IPO · Commerce & Consumer Brands

Zepto files confidential DRHP for $1.3 billion IPO

By Startup Enthusiast · 16 December 2025

What they do

Zepto delivers groceries and electronics in minutes through its network of dark stores across Indian cities

The company filed a confidential draft red herring prospectus with SEBI to raise up to Rs 11,000 crore in fresh capital

Zepto reported Rs 9,669 crore revenue but a net loss of Rs 3,367 crore in FY24-25 as it expands rapidly

Zepto has filed a confidential DRHP (Draft Red Herring Prospectus) with SEBI for an initial public offering.
Shareholders approved a fresh share issue worth up to Rs 11,000 crore during an Extraordinary General Meeting on December 23.
The total IPO size is estimated at $1.3 billion, combining fresh capital and an offer for sale from early investors.
Zepto plans to list between July and September 2026, following the standard regulatory review period.
The company raised $450 million in its last private round in October, led by Calpers.
Zepto holds approximately Rs 7,000 crore in cash on its books as of late November.
Last private valuation was $7 billion, with total funds raised to date exceeding $2.4 billion.
The IPO will include shares sold by early investors alongside new money raised by the company.

Zepto faces intense competition from rivals like Blinkit and Instamart who have larger cash reserves.
Competitors such as Eternal and Swiggy hold roughly Rs 17,000-18,000 crore each in cash.
Zepto recently reduced its workforce by 800-900 roles to manage costs amid high losses.
The company moved its base from Singapore to India in January 2025 to align with domestic operations.

Zepto operates a quick commerce model delivering groceries, electronics, apparel, and medicines.
Deliveries are made within minutes using a network of dark stores located in urban areas.
The company had between 1,000 and 1,200 dark stores as of September end.
Revenue surged 129% year-on-year to reach Rs 9,669 crore in FY24-25.
Net losses tripled to Rs 3,367 crore in FY24-25 compared to the previous fiscal year.
Zepto pivoted to a 10-minute delivery model in April 2021 after initially launching as KiranaKart.
The firm uses the confidential filing route, previously used by companies like Swiggy and Meesho.

Zepto aims to complete the listing process in the July-September quarter of 2026.
Proceeds will be used to boost the balance sheet and expand infrastructure.
The company plans to reduce costs while increasing its market presence.

Calpers (lead) — US pension fund that led the $450 million funding round in October.
General Catalyst (co-lead) — Venture capital firm participating in the latest funding round.
Lightspeed (participated) — Investment firm co-investing in the October funding round.
Y Combinator (existing) — Startup accelerator and early backer of Zepto.

Product: A rapid-delivery app for groceries and everyday essentials.
Customers: Consumers ordering groceries and essentials online.
How it makes money: It earns from product margins, delivery fees, and order-value thresholds across its quick-commerce network.
What sets it apart: It was built as a quick-commerce native company from day one.
Operations: Operates dark-store based 10-minute delivery across multiple Indian cities.