India’s fast-growing quick-commerce startup Zepto is moving one step closer to the public markets. The company is expected to file its draft IPO documents today, signalling a major milestone as it prepares for a potential listing between July and September 2026.
Founded by Aadit Palicha and Kaivalya Vohra, Zepto has rapidly emerged as one of the leading players in India’s fast-delivery space, competing directly with platforms such as Swiggy Instamart, Blinkit, and BigBasket.
Zepto has built an impressive investor roster over the years. According to Tracxn, institutional investors backing the company include:
General Catalyst
CalPERS
Y Combinator
StepStone Group
Avenir
In addition, several well-known strategic investors — such as Elcid Investments, MapmyIndia, and Motilal Oswal — hold stakes in the company, underscoring strong institutional confidence in Zepto’s growth model.
Sources cited by CNBC-TV18 indicate that Zepto has appointed multiple global and Indian investment banks as Book Running Lead Managers (BRLMs). These include:
Morgan Stanley
Axis Capital
HSBC
Goldman Sachs
JM Financial
IIFL Securities
Motilal Oswal
This lineup suggests an ambitious offering structure designed to attract both domestic and international investors.
Zepto reported strong top-line expansion at the end of the financial year 2025, with revenue rising to ₹11,109 crore, up significantly from ₹4,498 crore in FY24.
However, alongside rapid expansion, the company also recorded higher losses. Net loss nearly tripled to ₹3,367 crore, compared to ₹1,249 crore in the previous year. The figures highlight the high-investment nature of the quick-commerce sector, where companies aggressively deploy capital to scale operations and capture market share.
Based on its October 2025 fundraising round, Zepto was valued at $7 billion. During that round, the company raised $450 million, led by US-based institutional investor CalPERS. This valuation placed Zepto among the highest-valued quick-commerce startups in India.
Zepto continues to gain traction among urban consumers. According to a CLSA report, for the week ending December 15, the platform added 1.2 million Weekly Active Users — marking its highest week-on-week increase so far.
In comparison, other key players recorded the following user additions during the same period:
Blinkit — 0.4 million
Jiomart — 0.4 million
Swiggy Instamart — 0.3 million
BigBasket — 0.3 million
These figures indicate Zepto’s strong competitive momentum as it prepares for life as a listed company.
If successful, Zepto’s IPO could become one of the most closely watched listings in the consumer-tech category. The public debut is expected to:
Increase transparency around unit economics
Test investor appetite for quick-commerce business models
Potentially accelerate consolidation and competition in the sector
With strong investor backing, rapid user growth, and continued expansion, Zepto’s upcoming IPO could redefine how India’s on-demand delivery industry evolves over the next few years.