Zepto IPO 2026: ₹8,010 crore fresh issue with Sebi

What Zepto filed and why it matters

Quick commerce platform Zepto has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi), moving closer to a public listing targeted around July. The filing positions Zepto as a likely first quick-commerce-only company to debut on Dalal Street in the coming months. The proposed IPO is expected to be among the most watched new-age offerings of the year, given the scale of funding in the sector and the high pace of competition.

The updated DRHP outlines a primary capital raise through a fresh issue as well as secondary sales by existing investors via an offer for sale (OFS). Taken together, the total issue size has been described as about $1 billion, with estimates in the range of roughly ₹9,000 crore to ₹9,500 crore in one account, and ₹9,000 crore to ₹10,000 crore in another. The filing also comes after Zepto used the confidential route late last year, a process that limits public disclosure at the initial stage.

Deal structure: fresh issue and offer for sale

As per the UDRHP, the IPO includes a fresh issue of equity shares aggregating up to ₹8,010 crore. Alongside it, existing shareholders are offering shares through an OFS of up to 113,466,566 equity shares of face value ₹5 each. This OFS size has also been described as around 113 million shares or about 11.3 crore shares in market reports.

Investors named as participating in the OFS include Nexus Ventures VI Holdings, Nexus Ventures VII Holdings, Contrary ZEP Holdings, Razor Ventures Zepto, Kaiser Foundation Hospitals, and Kaiser Permanente Group Trust. The final size of the OFS is expected to be decided closer to launch.

Issue size estimates and valuation signals

Multiple reports in the provided material converge on Zepto’s IPO being a roughly $1 billion raise, translating to a total issue size estimated at ₹9,000 crore to ₹10,000 crore (with some estimates narrowing it to ₹9,000 crore to ₹9,500 crore). Separately, people aware of the matter have indicated Zepto is targeting a valuation of about $10 billion.

Zepto was last valued at $1 billion, with one report linking that to a $150 million funding round in October. While the final pricing will depend on market conditions and investor demand, these figures frame expectations around the scale and ambition of the listing.

Regulatory timeline: confidential filing to updated DRHP

Zepto had filed for its IPO through the confidential route in December (also described as December 2025 in one account). The company has since received Sebi’s approval in May 2026, and the updated DRHP filing was made late on a Monday night, according to the material.

Under local rules referenced in the reports, companies must keep their prospectuses public for at least 21 days before launching an offering. With the updated DRHP now filed, the sequence of steps typically includes Sebi’s processing, marketing efforts, and investor engagement before the issue opens.

Where Zepto plans to use the fresh issue proceeds

Zepto has said it intends to use net proceeds from the fresh issue for operational and growth priorities. These include expanding its dark store network across existing and new geographies, funding lease rentals for existing dark stores, investing in technology and cloud infrastructure, and supporting marketing and business promotion through its subsidiary Zepto Marketplace Pvt Ltd.

The company has also identified inorganic growth opportunities and general corporate purposes as part of the planned use of funds. These stated objectives align with how quick commerce players typically deploy capital, given their dependence on dense fulfillment networks and technology-led logistics.

Competitive landscape: Blinkit, Instamart, and market shares

Zepto competes directly with Eternal’s Blinkit and Swiggy’s Instamart in the instant delivery category. Analysts cited in the provided text say the instant delivery market is led by Blinkit with over 40% share, while Instamart and Zepto command over 20% each.

One report also sizes India’s quick commerce market at $10 billion to $11 billion. The market share split and market sizing contextualise why Zepto’s listing is being closely watched by both public-market investors and consumer internet peers.

Banks running the IPO

The IPO is being managed by a set of book-running lead managers, as listed in the provided material. These include Axis Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Motilal Oswal Investment Advisors, HSBC Securities and Capital Markets (India), JM Financial, and IIFL Capital Services.

For investors, the syndicate composition typically signals how widely the issue may be marketed across domestic and global institutions, especially for large consumer internet listings.

Roadshows and expected listing window

Separate reports referenced here indicate Zepto is preparing to begin investor roadshows soon after the updated filing, and that it is working toward an IPO launch later in the month or in July. Another report described a target to list within 60 to 90 days of regulatory approval.

These timelines are subject to change, with sources noting that deliberations are ongoing and that details such as size and timing can still shift based on market conditions.

Key facts at a glance

Why the filing matters for India’s consumer internet listings

Zepto’s updated DRHP filing adds momentum to the broader pipeline of venture-backed consumer internet companies seeking public capital. It also sharpens focus on how public markets will price quick commerce businesses that require sustained investment in infrastructure and customer acquisition.

The combination of a large fresh issue and a sizeable OFS can shape investor interpretation. The fresh issue signals funding for network expansion and technology, while the OFS provides partial exits for early investors. With the company aiming for a listing around July and having received Sebi’s approval in May, the next phase will be investor marketing and finalisation of the offer structure closer to launch.