Quick commerce unicorn Zepto converts to public company ahead of IPO

Quick commerce (qcom) unicorn Zepto has converted itself from a private entity to a public limited company, in preparation for an initial public offering (IPO). The company has changed its name from Zepto Private Limited to Zepto Limited, according to documents filed with the Ministry of Corporate Affairs.

 

The Bengaluru-based qcom company, which is likely to go public next year, is expected to file its draft red herring prospectus soon.

 

The company, in total, passed three resolutions on November 21 at an extraordinary general meeting (EGM). In addition to transitioning to a public company, it has also altered its memorandum of association (MoA) and articles of association (AoA) accordingly.

 

Zepto has been aggressively raising funding in the past few months. Last year, it raised $665 million in June, $340 million in August, and a $350 million round in November. This year, in October, it announced the closure of approximately a $450 million funding round at a $7 billion valuation.

 

In a statement, a Zepto spokesperson said: “We are growing 20-25 per cent every quarter on order volume, and burn is going down. That’s why we’re able to reduce capital because we’re able to show investors that in relative terms we’re able to deliver reasonable capital efficiency for 100 per cent-plus year-on-year growth.”