Zepto IPO Updates: DRHP for Rs 9,500-Crore Public Issue Filed; OFS, Lead Managers & All Key Things to Know

Investor attention is increasingly turning towards the upcoming Zepto IPO, which is expected to become India's first standalone quick commerce company to enter the public markets. Valued at Rs 9,500 crore, the offering could hit Dalal Street as early as July, marking a major milestone for the country's rapidly expanding instant delivery sector.

Zepto IPO Updates: DRHP for Rs 9,500-Crore Public Issue Filed; Top Things Investors Need to Know

The updated draft red herring prospectus also a regulatory disclosure involving Zepto founders Aadit Palicha and Kaivalya Vohra.

According to the filing, both founders received summons from the Enforcement Directorate in April 2026 in connection with matters related to the Foreign Exchange Management Act (FEMA). The disclosure forms part of the regulatory information provided to prospective investors as part of the IPO process.

The listing is being closely watched as Zepto prepares to join other publicly traded quick commerce players, including Blinkit parent Eternal and Instamart parent Swiggy. With strong revenue growth, an expanding dark store network and a clear focus on scaling operations, the five-year-old startup is positioning itself as one of the most significant consumer technology IPOs of the year.

Zepto To Join Eternal & Swiggy: Check IPO Structure and Fundraising Plan

The proposed public issue comprises a combination of a fresh issue of shares and an offer for sale (OFS) by existing investors.

Out of the total Rs 9,500 crore issue size, approximately Rs 8,010 crore is expected to come through the issuance of fresh shares. In addition, existing shareholders plan to sell around 113 million shares through the OFS route, providing partial exits and liquidity to early investors.

The company intends to utilize the fresh capital to strengthen its operational footprint and support future growth initiatives. A substantial portion of the proceeds is expected to be directed toward expanding Zepto's dark store network across existing and new markets. The funds will also be used for lease rentals, technology investments, cloud infrastructure upgrades, marketing initiatives and broader business development activities.

Nexus Venture Partners Leads OFS; Contrary ZEP, Razor Ventures and Kaiser Investors to Sell Stake

The offer for sale component will see participation from several prominent early backers. Nexus Venture Partners is expected to be the largest selling shareholder in the issue. Other participating investors include Contrary ZEP Holdings LLC, Razor Ventures Zepto LLC, Kaiser Foundation Hospitals and Kaiser Permanente Group Trust, each offering a portion of their holdings through the IPO.

Axis Capital, Morgan Stanley, Goldman Sachs and Others Lead Zepto IPO

The public issue is being handled by a consortium of leading domestic and international investment banks.

The book-running lead managers include Axis Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Motilal Oswal, HSBC Securities and Capital Markets (India), JM Financial and IIFL Capital Services.

Kfin Technologies has been appointed as the registrar to the issue and will oversee investor applications, allotments and related administrative processes.

Zepto's Financial Highlights: Strong Revenue Growth Despite Continued Losses

Zepto's latest financial performance highlights the scale it has achieved in India's highly competitive quick commerce market.

For the January-March quarter, the company reported operating revenue of Rs 7,498 crore, representing a strong 75% year-on-year increase. At the same time, net losses narrowed to Rs 1,539 crore from Rs 1,832 crore in the corresponding period a year earlier.

While profitability remains a challenge for the sector, investors are likely to focus on the combination of rapid revenue growth and improving loss metrics as indicators of operational maturity.

Zepto Vs Blinkit Vs Swiggy Instamart

Order volumes continue to underline Zepto's growing presence in the quick commerce segment.

During the January-March quarter, the company processed approximately 210 million orders. While this remains below Blinkit's 274 million orders, it significantly exceeds Instamart's 113 million orders during the same period.

The figures place Zepto firmly among the country's leading quick commerce platforms, reflecting its ability to scale rapidly amid intense competition.

Dark Store Expansion Remains a Key Focus

A major component of Zepto's growth strategy revolves around expanding its network of dark stores, which form the backbone of the quick commerce delivery model.

As of March 31, the company operated 1,139 dark stores across multiple cities. The planned investments from the IPO proceeds are expected to accelerate network expansion, improve delivery efficiency and strengthen service coverage in both existing and new markets.

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