Zepto targets July IPO as NOV nears $1 bn this quarter

Quick overview: what changed for Zepto

Quick-commerce startup Zepto is on track to cross nearly $1 billion in net order value (NOV) in the current quarter, according to people aware of the matter. The milestone comes as the company prepares for a potential public listing, with sources indicating a target in the second half of July. Separately, information published on Sebi’s website showed that the regulator has given the company a go ahead for the issuance. The developments place Zepto among the most closely watched consumer internet listings in India, given the speed at which quick commerce has scaled. Zepto competes directly with Eternal’s Blinkit and Swiggy Instamart in what sources described as a $10-11 billion quick commerce market in India.

SEBI approval and the next regulatory step

People aware of the developments told Moneycontrol that Zepto has received key approvals from the Securities and Exchange Board of India (SEBI). Another update said SEBI approved the company’s IPO in early May. Sources added that Zepto will soon file its updated draft red herring prospectus (UDRHP) with the market regulator. The UDRHP step is critical because it reflects updated financial and operational disclosures ahead of a listing. After SEBI’s nod, sources said Zepto would work on the updated filing and look to list within 60-90 days.

IPO size: multiple estimates across reports

Across separate reports cited in the provided material, Zepto’s potential IPO size has been discussed in a few ranges. Sources told Moneycontrol that Zepto could raise anywhere between $100 million and $1 billion, described as around Rs 7,500 crore to Rs 9,300 crore. Another report said Zepto has begun engaging institutional investors for a planned June-July IPO that would raise roughly Rs 11,000-12,000 crore. Elsewhere, people in the know said Zepto filed draft papers for a $1.3 billion IPO, described as around Rs 11,682 crore, with about Rs 11,000 crore in fresh capital and the remaining coming from an offer for sale by early investors. A separate update also said the company was considering increasing the size of its public offering from $100 million to $1 billion, including secondaries.

Listing timeline: July, June 2026, and later windows

The latest set of sources referenced a listing by the second half of July and a separate line said the company is targeting a listing sometime by July. At the same time, other reports in the provided text have mentioned longer timelines. One note said Zepto aims for a public listing by June 2026, with draft papers expected to be filed in that month. Other updates said the company is planning its listing in the July-September quarter of 2026, and another said a listing in the July-September quarter of next year. Taken together, the information reflects multiple timelines referenced across different reports and periods, while the most recent updates emphasise a near-term July window and a 60-90 day post-approval process.

Operating momentum: NOV almost doubles from late 2025

Sources cited in the provided text said Zepto’s net order value has doubled from $100 million in late 2025 to nearly $1 billion this quarter. This NOV growth is presented as being driven by sustained increases in order volumes and customer demand. NOV is a closely watched operating metric in commerce-led consumer internet businesses because it indicates throughput and frequency in the system. The timing also matters because investors typically want clear evidence of scale and repeat usage going into a public issue.

Orders per day and sequential growth claims

Zepto has described strong daily order throughput in recent quarters. In the January-March period, it claims to have clocked 2.4-2.5 million orders per day on average, with sequential growth of 25-30%. The company attributed the sequential growth to discounts and schemes that helped bring in new customers. Another snippet said Zepto’s daily order volume was between 1.1 million and 1.3 million in December and the current month referenced in that report, suggesting a step-up in activity over time across different periods.

Cash burn and dark store footprint

One report said Zepto reduced its quarterly cash burn from Rs 1,200-1,300 crore to Rs 850-900 crore. It linked the lower burn to holding the dark store count steady at around 1,100 while increasing order volumes to 2.4-2.5 million per day. The same report said Zepto has differentiated itself from larger rival Blinkit by targeting more value-conscious customers. These operating levers, such as store count discipline and scaling orders per store, are typically central to how quick-commerce companies discuss improving unit economics.

What Zepto is telling investors about profitability

The provided text said Zepto has begun engaging institutional investors ahead of a planned IPO. In those discussions, the company is pitching a path to full-year profitability by FY2028-29 and breakeven by FY2028. Another update said CEO Aadit Palicha met top mutual funds to discuss public offering plans and projected $1.5 billion in gross sales during the final quarter of FY26, while achieving positive EBITDA (excluding ESOPs). These projections and targets are positioned as part of Zepto’s public-market readiness narrative, alongside growth and burn reduction.

Key facts at a glance

Market impact: why this matters for quick commerce and IPO pipelines

SEBI’s approval, along with Zepto’s plan to file an updated DRHP, keeps investor attention on quick-commerce as one of India’s most competitive consumer internet categories. The IPO size discussions, ranging from $100 million to $1 billion and in other reports up to $1.3 billion, signal that the issue could be among the larger internet listings being prepared. For public market investors, the focus tends to be on whether scale metrics such as NOV and orders per day can be sustained while burn trends improve. Zepto’s reported reduction in quarterly cash burn, alongside keeping dark stores steady at around 1,100, is positioned as progress toward that narrative. Competition remains intense with Blinkit and Swiggy Instamart, and the market’s $10-11 billion size underscores why share gains and retention matter.

Analysis: the core story investors will track

The numbers in the provided text point to two parallel threads: fast growth and an attempt to improve efficiency. NOV moving from $100 million in late 2025 to nearly $1 billion this quarter indicates higher throughput, but the quality of growth is also linked to discounts and schemes, which investors often evaluate carefully. The shift in cash burn from Rs 1,200-1,300 crore to Rs 850-900 crore, while holding dark stores at around 1,100, suggests a push to improve operating leverage through higher utilisation. Profitability targets, including breakeven by FY2028 and full-year profitability by FY2028-29, set a multi-year runway that will likely be scrutinised against quarterly performance once public.

Conclusion

Zepto’s IPO plans have moved closer after SEBI’s approval and as the company prepares to file its updated DRHP. At the same time, sources said Zepto’s NOV is nearing $1 billion this quarter, up from $100 million in late 2025, alongside high reported daily order volumes. The next clear milestone is the UDRHP filing, after which timelines cited in the provided material point to a potential listing window spanning 60-90 days and, in more recent updates, July.