Zepto Files Confidential IPO Papers With SEBI, Targets $1.3 Billion Listing

Quick-commerce startup Zepto has taken a major step toward going public by confidentially filing draft papers with the Securities and Exchange Board of India (SEBI) for a proposed $1.3 billion initial public offering (IPO), according to sources familiar with the matter. The move places Zepto among the latest generation of Indian startups preparing to test public markets amid improving investor sentiment.

Confidential filing allows Zepto to submit its financials and business disclosures to SEBI without making them public at this stage. This route, increasingly preferred by high-growth startups, provides flexibility to fine-tune valuations and timelines before launching the IPO officially. Sources said the company is evaluating market conditions and may proceed with a public launch once regulatory feedback is complete.

Founded in 2021, Zepto has emerged as one of India’s fastest-growing quick-commerce platforms, promising grocery and essentials delivery in under 10 minutes. The company operates across major metropolitan cities and competes with established players such as Blinkit, Swiggy Instamart, and Tata-owned BigBasket. Its rapid expansion, dark-store network, and technology-driven logistics have helped it scale aggressively in a highly competitive sector.

Industry experts say Zepto’s IPO plans reflect growing confidence among Indian tech startups after a subdued period for public listings. With inflation stabilizing and equity markets showing resilience, investor appetite for consumer-facing tech companies appears to be returning. Analysts believe Zepto’s strong brand recognition and urban customer base could attract institutional interest, though profitability remains a key focus.

Sources indicated that the proposed IPO may include a mix of fresh issue shares and an offer for sale by existing investors. Zepto has previously raised significant funding from global venture capital firms and strategic investors, giving it a strong balance sheet ahead of the public offering. The company is expected to use IPO proceeds to expand operations, strengthen supply chains, invest in technology, and improve unit economics.

Quick-commerce, however, remains a challenging business model. Rising delivery costs, intense competition, and pressure to achieve profitability have forced companies to rethink growth strategies. Zepto has recently focused on operational efficiency, optimizing delivery routes, and improving margins through private labels and better inventory management.

Market observers note that SEBI’s confidential filing framework has encouraged startups to explore IPOs without immediate public scrutiny. Several new-age companies are expected to follow this path in the coming months, signaling a potential revival of India’s startup listing pipeline.

While Zepto has not officially commented on the filing, the development marks a significant milestone for the company. If successful, the IPO could become one of the largest listings in India’s consumer tech space, offering a fresh benchmark for quick-commerce valuations.

As regulatory review progresses, investors and industry watchers will closely monitor Zepto’s next moves, seeing the IPO as a key test of market confidence in India’s fast-delivery economy.