Zepto to Join Swiggy, Eternal on Bourses as ₹11,000 Cr IPO Targets July Launch

Quick commerce platform Zepto is planning to launch its ₹11,000 crore initial public offering before July 31, according PTI.

The Bengaluru-based startup, which filed its IPO papers through the confidential pre-filing route in December 2025, has already received approval from the Securities and Exchange Board of India (SEBI). It is now expected to submit its Updated Draft Red Herring Prospectus (UDRHP) to the market regulator in the coming weeks, the report added.

The IPO is expected to primarily comprise a fresh issue of shares, though the final issue size and pricing are yet to be confirmed. If the listing goes ahead as planned, Zepto will join quick commerce rivals Eternal and Swiggy on Indian stock exchanges.

A Different Playbook

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is one of India's leading quick commerce players. It competes with Blinkit, Swiggy Instamart, and newer entrants such as Amazon Now and Flipkart Minutes in the country's rapidly expanding on-demand delivery market.

Unlike rivals who have pursued aggressive city-level expansion, Zepto has adopted a strategy centred on market density and operational efficiency, according to a recent report by brokerage Bernstein. The company currently operates 1,255 dark stores across 61 cities, compared to rival Blinkit's 2,222 stores spread across 243 cities.

However, Zepto leads the segment in dark-store concentration, running nearly 21 stores per city on average, against roughly nine stores per city for peers.

It also holds the highest store-to-pincode ratio in the industry. Bernstein noted that Zepto's network is heavily concentrated in metro cities, a deliberate strategy to saturate dense urban markets where higher order frequency and faster deliveries can drive long-term profitability.

Zepto's IPO push follows strong backing from private investors.

In October 2025, the startup raised $450 million in a funding round led by California Public Employees' Retirement System, valuing the company at $7 billion.

It had earlier achieved unicorn status in August 2023, when a $200 million Series E round pegged its valuation at $1.4 billion.