Zepto to Pre-File Confidential IPO Papers With SEBI Today After Board Clears Up to INR 11,000 Crore Raise

The confidential route gives Zepto greater flexibility over IPO timing.

Overview

The quick-commerce company targets a 2026 listing and will seek SEBI feedback through a non-public DRHP pre-filing on Dec. 26.
Shareholders approved a fresh issue of up to INR 11,000 crore with an accompanying offer for sale, with final size and timing to be set with bankers.
Axis Bank, Motilal Oswal, and the India units of Morgan Stanley, HSBC and Goldman Sachs are advising on the proposed offering.
Zepto is valued around $7 billion after raising about $1.8 billion to date, including a $450 million round led by CalPERS in October 2025.
As of September 2025, Zepto operated 900-plus dark stores and generated roughly $3 billion in gross sales, while the confidential route can provide up to 18 months to launch the IPO after approval.