Zepto IPO Countdown: The $7 Billion Quick Commerce Star Races Toward a 2025 Listing

After months of speculation and strategy shifts, quick commerce major Zepto is gearing up for its biggest milestone yet — an initial public offering (IPO) that could mark one of India’s most anticipated tech listings in recent years. The company, which has become synonymous with ten-minute deliveries, is reportedly looking to file its Draft Red Herring Prospectus (DRHP) with SEBI within the next two to three weeks, reigniting its IPO ambitions after an earlier pause.

According to a report by The Economic Times, Zepto will be taking the confidential filing route, a growing trend among Indian startups aiming to fine-tune their offer details before going public. The upcoming issue will reportedly consist of a fresh issue of shares worth $450 million to $500 million (₹4,000 crore to ₹4,500 crore), along with an offer for sale (OFS) by some of its early investors. However, sources indicate these numbers could still evolve based on Zepto’s ongoing cash flow and growth trajectory.

If all goes as planned, Zepto aims to hit the public markets between July and September 2025, joining the likes of Zomato and Nykaa as one of India’s celebrated tech listings.

From Pause to Push: Zepto IPO Journey So Far

Zepto’s IPO journey hasn’t been a straight road. The company, founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra, had initially eyed a public listing in 2025 or early 2026. However, that plan was put on hold earlier this year as the team decided to focus on what many saw as the tougher—but wiser—path: strengthening growth, profitability, and domestic ownership.

In a significant move ahead of its IPO readiness, Zepto shifted its domicile from Singapore to India earlier this year — a decision that signals its intent to build deeper Indian investor confidence and align with local regulatory frameworks. The company also renamed its registered entity from Kiranakart Technologies Pvt Ltd to Zepto Pvt Ltd in April 2025, symbolizing a new chapter of growth from within India.

A Funding Spree and a $7 Billion Valuation

If the past few months are any indication, Zepto has been in full sprint mode. In October 2025, the company raised $450 million (₹3,955 crore) in a mix of primary and secondary funding, pegging its valuation at a whopping $7 billion. The round marked one of the largest capital raises in India’s quick commerce segment this year.

Just before that, Zepto also secured ₹400 crore (about $45.7 million) from Motilal Oswal Financial Services, adding more firepower to its already aggressive expansion plans. With these back-to-back fundraises, the Mumbai-based startup is clearly building the financial muscle needed for a successful market debut.

Battling for Market Share: Blinkit, Instamart, and Beyond

India’s quick commerce space has become a fierce battleground, with Zomato-owned Blinkit and Swiggy Instamart fighting neck and neck for dominance. Zepto, despite being the youngest among the trio, has managed to carve out a strong niche through hyper-efficient delivery networks, data-driven optimization, and a relentless focus on customer experience.

In recent months, Zepto has also been making aggressive consumer-friendly moves — including waiving off handling and surge fees — to win over more users and expand its market share. Such steps, while reducing short-term margins, are strategic plays toward building brand loyalty before it hits the public markets.

Inside the Numbers: Zepto’s Financial Growth Story

On the business front, Zepto’s revenue surged 149% year-on-year — from ₹4,454 crore in FY24 to ₹11,100 crore in FY25 — signaling strong consumer adoption and operational scaling.

However, the company’s profitability remains a work in progress. Zepto reported a loss of ₹1,248.64 crore in FY24, and while its FY25 bottom line isn’t yet public, insiders suggest the company is taking disciplined cost-cutting measures to narrow the gap.

One sign of this tightening came in the form of a restructuring exercise earlier this year, which reportedly led to nearly 500 layoffs since April 2025. While painful, these moves underscore Zepto’s resolve to build a leaner, more IPO-ready organization.

With its fresh war chest, improving financial metrics, and a sharpened operational focus, Zepto seems determined to script a new chapter in India’s startup success stories. Its upcoming IPO won’t just be a liquidity event — it will be a litmus test for investor appetite in India’s quick commerce ecosystem, which has evolved from an experimental model to a mainstream urban convenience.

As the company fine-tunes its DRHP and continues its push toward profitability, all eyes are now on the next few months — when Zepto’s confidential filing becomes official and the countdown to India’s next big tech listing truly begins.