Zepto seals pre-IPO fundraise, defers listing to focus on execution

Quick-commerce major Zepto on Saturday said that it has reached an agreement with major shareholders to close a pre-IPO private placement of equity ahead of its planned stock market listing to strengthen its balance sheet.

The company stated that the fresh financing will add to its existing cash reserve of Rs 5,681 crore. As of March 31, 2026, the firm reported having zero debt.

"As part of the IPO process, the Board and Founders have received terms from public market investors to list the company and are appreciative of the expressed interest. However, at this time, and afforded by the company's strong balance sheet, Zepto will focus on continued execution.

 

"The company will update its DRHP filing for the operating results and financials in the coming quarters and intends to list within the timeframe provided by SEBI for its approved UDRHP," Zepto said.

Zepto is set to raise funds at a valuation of around USD 4.5 billion (around Rs 42,925 crore). This capital infusion is expected to be led primarily by domestic investors to increase Indian shareholding in the company, which currently stands at around 40 per cent.

The USD 4.5 billion valuation marks a moderation from the USD 7 billion valuation the unicorn commanded in October 2025, when it raised USD 450 million in a round led by the California Public Employees' Retirement System (CalPERS).

Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto filed its preliminary IPO papers in December 2025 through the confidential pre-filing route.

According to the updated draft papers filed in June 2026, the company is looking to raise Rs 8,010 crore through a fresh issue of shares, alongside an offer for sale (OFS) of 11.35 crore equity shares by existing shareholders.

For the financial year 2025-26, Zepto reported revenue from operations of Rs 22,624 crore and a net receivables value (NRV) of Rs 24,816 crore. The company processed an average of 17.5 lakh orders per day during the year, with the volume surging to 23.3 lakh orders per day in the quarter ended March 2026.

As of March 31, 2026, the firm operated 1,139 stores and had an annual transacting user base of nearly 48 million. Upon its eventual listing, Zepto will join Eternal and Swiggy on the stock exchanges, competing directly with their respective quick-commerce arms, Blinkit and Instamart.