Two of India's most prominent consumer technology companies, quick-commerce platform Zepto and Walmart-owned payments firm PhonePe, are actively courting foreign institutional investors (FIIs) as they prepare for stock market listings. Their IPOs are expected to raise over ₹10,000 crore each.
Both companies have held in-person meetings across Singapore, Hong Kong, the United Kingdom, and the United States, with more conversations expected in the coming days, according to Moneycontrol.
Eyeing Mid-Year Launch
Both companies are targeting IPO launches around May or June 2026, though final timelines depend on market conditions. Zepto, in particular, is pushing ahead aggressively with strong early investor interest, having gained market share from rivals over the last two quarters.
2 March 2026
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Menwhile, PhonePe has already received SEBI approval for its listing; Zepto is yet to obtain the same clearance.
IPO Amid Energy Shock
The roadshows are unfolding against a sharply deteriorating global economic backdrop.
The West Asia conflict, which began on February 28 with US-Israeli strikes on Iran, has disrupted the Strait of Hormuz, sending Brent crude surging past $100 a barrel for the first time in four years.
We had earlier reported that experts have warned that if the conflict extends further, the average 2026 oil price could settle around $100 per barrel.
The energy shock has reached Indian kitchen counters. Oil and gas companies have raised LPG cylinder prices by ₹60 following supply disruptions linked to the conflict. India imports roughly two-thirds of its LPG, much of it through routes now under threat. The price hike has led to restaurants and eateries removing items like chappati, dosa and pooris from their menus.
India's prized basmati rice trade has also taken a direct hit. Around 400,000 metric tonnes of Indian basmati rice are stranded at ports or mid-voyage.
Freight rates have more than doubled since the strikes on Iran began and new export deals have all but dried up.
Basmati prices have already fallen 6%, with the Gulf, which accounts for more than half of India's basmati export revenue worth over ₹50,000 crore annually, now largely cut off.
Rupee's Record Low
Currency markets are feeling the strain too. The rupee has slid from around 90.80 to as low as 92 against the US dollar in just four days. We had earlier reported that some analysts have warned that the currency could fall further against the dollar if the situation doesn't stabilise.
The decline reflects a classic emerging market squeeze, rising oil imports drive up dollar demand, while global investors flee to safe-haven assets, pulling capital out of Indian equities and currency markets simultaneously.
What It Means for the IPOs
Despite the turbulence, Moneycontrol said that the Gulf-based investors form a small slice of the demand base for large Indian IPOs, and most Gulf interactions now happen over video calls anyway.
The bigger risk is how long the conflict lasts and the toll it takes on the broader global economy, the very question that will ultimately determine whether Zepto and PhonePe can hold to their mid-2026 timelines, the report added.
