India’s leading quick-commerce player, Zepto, is preparing for its much-anticipated IPO. Founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra, the company has pioneered 10-minute grocery delivery and now boasts a USD 7 billion (~INR 60,900 crore) pre-IPO valuation. Below is a detailed look at the Zepto IPO updates.
Zepto IPO News
Zepto IPO DRHP Filing (November 2025)
Zepto plans to file its draft IPO papers with SEBI within 2–3 weeks via the confidential route, aiming for a public listing by July–September next year. The IPO will include a fresh issue of USD 450–500 million and an offer for sale by early investors. After raising USD 450 million at a USD 7 billion valuation, Zepto is focusing on market expansion, profitability, and cost-cutting, including 500 layoffs. FY25 revenue rose 149% to INR 11,100 crore.
Zepto IPO Latest News: Expands ESOP Pool
Zepto has expanded its Employee Stock Option Plan (ESOP) by adding USD 169 million (~INR 1,486 crore) worth of options, increasing the total ESOP pool to USD 527 million (~INR 4,637 crore). The company also approved an interest-free loan of INR 700 crore to its ESOP trust. This move follows Zepto’s USD 450 million Series H funding led by CalPERS. Zepto has raised USD 2.3 billion so far, with revenues of INR 4,454 crore in FY24 and INR 11,110 crore (~USD 1.3 billion) in FY25, while slightly reducing its losses.
Zepto IPO Date (October 2025)
Zepto has raised USD 450 million (~INR 3,955 crore) in a funding round led by CalPERS, pushing its valuation to USD 7 billion (~INR 61,500 crore). The company also expanded its ESOP pool by USD 169 million (~INR 1,485 crore), bringing the total to USD 527 million (~INR 4,630 crore). Zepto reported an INR 4,454 crore in revenue for FY24 with narrowed losses of INR 1,249 crore. Preparing for an IPO next year, it now handles 17 lakh daily orders and is expanding into the pharmacy segment.
August 2025: Zepto IPO Latest News
- Zepto raises INR 400 Cr from Motilal Oswal, boosting runway for 2026 IPO, targets EBITDA break-even in 12–15 months.
- Zepto to raise USD 450–500 million (~INR 4,350 crore), bringing valuation to USD 7 billion, a 40% jump from the prior year.
- Launched an ambitious real estate campaign, partnering with The House of Abhinandan Lodha to offer “land in 10 minutes”, signalling creative brand extensions ahead of IPO.
- Zepto unlisted shares are trading at INR 2,750 per share
June–July 2025: Zepto IPO News
- Confirmed IPO plans for early 2026, with expected proceeds of around USD 800 million.
- Delay in DRHP filing confirmed by CEO Aadit Palicha—not a readiness issue, but strategically timed for better financial strength and domestic ownership.
- Seeking a USD 700 million funding round via existing backers, aiming to optimise shareholding and improve profitability before listing.
Jan–June 2025
- Facing CCI antitrust probe over predatory pricing and anti-competitive discounting practices in quick commerce. Zepto holds 29% market share, behind Blinkit.
- Quick-commerce sector continues to grow amid financial strain; players like Zepto see strong revenue yet remain unprofitable.
- Zepto completes reverse flip from Singapore to India, gains NCLT approval, positioning for IPO and strengthening Indian market confidence.
December 2025
- Zepto’s HR head, Martin Dinesh Gomez, resigns ahead of IPO, amid leadership exits, cultural concerns, and intense quick-commerce competition.
- Zepto surpasses INR 1,000 crore in annualised ad revenue, leveraging Jarvis, partnerships, and profitability focus while preparing for 2025 IPO.
August 2024 – June 2024
- Raised USD 340 million (~INR 2,960 crore) in August 2024; prior USD 665 million (~INR 5,790 crore) raised in June 2024, valuing the firm at USD 3.6 billion (~INR 31,346 crore).
August 2023
- Achieved unicorn status with a USD 1.4 billion (~INR 12,190 crore) valuation during its Series E round.
2021–2022 Founding & Early Growth
- Founded in July 2021 in Mumbai by Stanford dropouts Aadit Palicha and Kaivalya Vohra, originally named KiranaKart.
- Rapid pivot to quick-commerce with own dark-store network; over 250 stores across 10 cities by 2024.
Deep Insights & Context: What the Headlines Don’t Tell You
1. Zepto IPO Dates: Strategic Postponement
While media reports flagged an IPO delay, Zepto’s co-founder framing offers clarity: The deferment is by design—not desperation. The company aims to finalise stronger metrics and consolidate domestic ownership.
2. Governance-Forward Moves
Board modernisation is underway with the appointment of Akhil Gupta—Airtel’s IPO maestro—as independent director, signalling robustness ahead of its listing.
3. Regulatory & Ethical Tensions
Deep discounting and “dark patterns” (e.g., price disparities across platforms) have triggered both CCI probes and public criticism. These underscore risks to brand trust, a critical factor for IPO success.
4. Quick Commerce’s Profitability Conundrum
Even with robust GMV and market share gains (28–29%), the quick-commerce model remains capital-intensive: high infrastructure costs, low margins, and ongoing subsidy wars. Profitability, not just growth, will determine market reception.
Summary Table: Fundraising & Valuation Progression
| Date | Round / Event | Amount Raised (in USD million) | Valuation (in USD Billion) |
|---|---|---|---|
| Aug 2025 | Strategic Pre-IPO Round | 450–500 | 7 |
| Aug 2024 | Follow-on Funding | 340 | 5 |
| Jun 2024 | Series F | 665 | 3.6 |
| Aug 2023 | Series E / Unicorn Milestone | 200 | 1.4 |
| 2021–2022 | Seed to Series A | Pre-seed + 60M | Builds initial base |
Conclusions
- IPO in 2026 seems not just probable but calibrated—with governance, financials, and narrative alignment all converging.
- Investor confidence is strong, with substantial domestic buy-ins and savvy board additions.
- Challenges remain: regulatory friction, consumer trust, and unit economics are crucial hurdles.
- The real estate campaign and diversified portfolio signal growing ambition beyond groceries, transforming Zepto into a lifestyle quick-commerce brand.
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