Zepto IPO: Company files draft papers confidentially

Quick commerce operator Zepto Ltd has confidentially filed draft papers for an initial public offering (IPO), a regulatory filing showed on Saturday.

The confidential filing allows a company to submit its draft red herring prospectus to the market regulator without making it public, giving issuers greater flexibility to fine-tune their offering structure and disclosures before launching the IPO.

CNBC-TV18 had earlier reported that Zepto was preparing to file its draft IPO papers

, targeting a market debut between July and September 2026. Sources had indicated that Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal are acting as book running lead managers for the issue.

Founded by Aadit Palicha and Kaivalya Vohra, Zepto is a peer of Eternal and Swiggy in the fast-growing quick commerce space.

Based on its last fundraise in October 2025, the company was valued at $7 billion, after raising $450 million in a round led by US-based pension fund CalPERS.

At the end of financial year 2025, Zepto’s revenue rose sharply to ₹11,109 crore, compared with ₹4,498 crore in FY24. However, the company’s net loss widened nearly three-fold to ₹3,367 crore, from a loss of ₹1,249 crore in the previous year.

Zepto counts General Catalyst, CalPERS, Y Combinator, StepStone Group and Avenir among its institutional investors, along with strategic backers such as Elcid Investments, MapmyIndia and Motilal Oswal, according to Tracxn.

The company has also been gaining traction on the user front.

For the week ending December 15, Zepto added 1.2 million weekly active users — the highest week-on-week increase it has recorded — according to a CLSA note. In comparison, Blinkit and JioMart added 0.4 million users each, while Swiggy’s Instamart and BigBasket saw additions of 0.3 million users each.