India’s Zepto eyes $1.1b IPO in July

Zepto plans to launch a 110 billion rupees (US$1.14 billion) IPO in July after receiving approval from India’s market regulator SEBI earlier in May.

The company filed its draft papers through the confidential route in December 2025 and is expected to submit an updated prospectus, with a target to list before July 31.

Bernstein said Zepto runs 1,255 dark stores across 61 cities, compared with Blinkit’s 2,222 stores in 243 cities, reflecting a denser strategy in existing urban markets rather than wider expansion.

Zepto raised US$450 million in October 2025 at a US$7 billion valuation, after reaching unicorn status in 2023.

🔗 Source: YourStory

🧠 Food for thought

Implications, context, and why it matters.

Zepto’s revenue is rising, but losses are rising faster

Zepto is growing fast ahead of its IPO, though that push is expensive 1.
For the year ended March 2025, revenue jumped 129% to 96.7 billion rupees (US$1 billion). Net loss grew to 33.7 billion rupees (US$349 million) from 12.1 billion rupees (US$126 million) a year earlier 1.
Before the filing, the company cut about 800–900 roles through layoffs and attrition. It also reduced spending on customer acquisition and corporate overheads 1.
The IPO is likely to include a primary issue, where the company sells new shares to raise funds, plus an offer for sale from early investors 1.

The listing would give Zepto more firepower in quick commerce

The planned public offering would bring in capital for India’s crowded quick commerce market 1.
Zepto had about 70 billion rupees (US$727 million) in cash. Rivals Blinkit-owner Eternal and Swiggy held roughly 170 rupees (US$1.8)–180 billion, which leaves Zepto with less room to spend 1.
By the end of September, Zepto ran around 1,000–1,100 dark stores across India, close to Instamart. Blinkit had more than 1,800 1.
Blinkit is owned by listed company Eternal. Instamart is run by listed Swiggy. An IPO would give Zepto a longer-term funding route 1.