Zepto to file IPO papers next week, seeks $1B
What's the story
Zepto, a leading quick commerce start-up, is gearing up to file its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) early next week, according to media reports. The company plans to kick off investor roadshows soon after the filing as it prepares for its initial public offering (IPO) later this month or in July.
Fundraising goals
IPO to boost Zepto's visibility, brand recognition
Zepto is looking to raise over $1 billion (over ₹10,000 crore) through its IPO. This would make it one of the largest new-age tech listings in India in recent years. The company's daily order volumes have increased to over 2.5 million orders a day from about 1.5-1.7 million earlier, highlighting its rapid growth over the past year.
Financial growth
Zepto's quarterly net order value nearing $1 billion mark
Zepto is also close to achieving a quarterly net order value (NOV) of nearly $1 billion. The NOV, a key operating metric for quick commerce companies, indicates the value of orders after accounting for cancellations, returns, and discounts. The company has almost doubled its quarterly NOV from about $500 million in late 2025 to nearly $1 billion now.
Revenue inclusion
Updated DRHP to offer insights into financials, expansion plans
Unlike its competitors, Zepto includes advertising revenue in its NOV, which it calls Net Realizing Value (NRV). The updated DRHP is likely to give investors a fresh look at the company's financial performance, operating metrics, store expansion plans, and use of IPO proceeds. Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has become one of India's largest quick commerce players.
Competitive landscape
Zepto's competition and market landscape
Zepto competes with Eternal-owned Blinkit, Swiggy Instamart, and Flipkart Minutes in an increasingly competitive market. The company had confidentially filed its IPO papers in December last year before receiving SEBI's observations earlier this year. With roadshows expected to begin soon, Zepto is likely to start engaging domestic and global institutional investors as it prepares for one of the most closely watched public offerings in India's consumer internet sector.