Zepto Tests IPO Waters with Rs 11,000-Crore Confidential Filing, Eyes 2026 Listing

Quick-commerce startup Zepto has confidentially pre-filed for an IPO with India's market regulator, SEBI. The company aims to raise approximately Rs 11,000 crore and is targeting a 2026 stock market listing.

India's quick-commerce sensation Zepto has quietly begun its journey to the stock market. The Bengaluru-based startup has pre-filed draft IPO documents with market regulator Sebi, aiming to raise around Rs 11,000 crore, according to people familiar with the matter. If all goes to plan, the company could ring the listing bell next year, becoming one of the youngest consumer-tech firms to go public in India.

A low-key filing that buys Zepto time

Instead of going the traditional route, Zepto has opted for a confidential pre-filing. This allows the company to seek Sebi's feedback without revealing financials to the public straight away. The strategy gives the startup breathing room to tweak the size of the issue, valuation and even the timing, a useful buffer at a time when investors remain wary after uneven performances by several tech IPOs.

Startups are choosing caution over hype

Zepto's approach reflects a growing trend among high-growth startups. After the volatility seen in recent listings, many consumer-tech firms are choosing this "test-the-waters" method, which helps them avoid intense early scrutiny and pause plans if market conditions sour.

Joining the Blinkit and Instamart league

If the IPO goes through, Zepto will line up alongside listed rivals Zomato, through Blinkit, and Swiggy, via Instamart. Zomato's parent Eternal entered the markets in 2021, while Swiggy made its debut in November 2024, turning quick-commerce into a closely watched space on Dalal Street.

Heavily backed, richly valued

The IPO push comes on the back of strong private funding. Zepto is currently valued at about $7 billion and has raised nearly $1.8 billion (around Rs 16,000 crore) since it was founded. Its most recent round in October saw it raise $450 million, led by US pension fund CalPERS, reaffirming investor faith in its growth story.

Explosive scale and an expensive one

Founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra, Zepto built its brand on the promise of 10-minute grocery deliveries. By September 2025, it had expanded to over 900 dark stores, generated close to $3 billion (Rs 26,000 crore) in gross sales, and was burning between Rs 1,000 crore and Rs 1,100 crore a year.