In a significant move towards its public market debut, quick commerce unicorn Zepto is preparing to confidentially submit its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) this Friday, December 26. Sources indicate the company is targeting a stock exchange listing in the coming year.
Confidential Route for IPO Preparations
Zepto has opted for the confidential pre-filing route, a mechanism increasingly popular among companies. This allows the firm to receive initial, private feedback from the market regulator on its draft documents before a public filing is made. The approach offers greater flexibility during the IPO preparation phase, enabling companies to better align their plans with prevailing market conditions.
When contacted for comment, Zepto did not respond to queries. If the listing proceeds as planned, Zepto will become one of the youngest Indian startups to go public, joining its listed rivals in the food delivery and quick commerce space.
Joining the Listed Ranks of Zomato and Swiggy
A successful listing will place Zepto alongside competitors Zomato, which owns Blinkit, and Swiggy, which operates Instamart. Zomato's parent entity, Eternal, was listed in 2021, while Swiggy made its own stock market debut recently in November 2024.
The company's journey to this point has been meteoric. Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto pioneered and rapidly scaled its 10-minute grocery delivery model across major Indian cities.
Funding, Valuation, and Financial Scale
Zepto's financial trajectory underscores its rapid growth. The startup achieved the coveted unicorn status in August 2023 after a $200 million Series E funding round that valued it at $1.4 billion. Its valuation has since soared.
Currently valued at a substantial $7 billion, Zepto has raised a total of $1.8 billion (approximately Rs 16,000 crore) from marquee investors since its inception. Its most recent fundraise was a $450 million (about Rs 3,757.5 crore) round in October 2025, led by the California Public Employees' Retirement System (CalPERS), which solidified its $7 billion valuation.
As of September 2025, the company's operational scale was impressive. It operated a network of more than 900 dark stores, reported gross sales of $3 billion (roughly Rs 26,000 crore), and had a cash burn rate of Rs 1,000-1,100 crore. This filing marks a critical step in its evolution from a high-growth startup to a publicly accountable market leader.
