Zepto Turns Into A Public Entity, Eyes June 2026 IPO

SUMMARY

The quick commerce major’s board approved a resolution to convert the company into a public entity on November 21. This is the first step towards an IPO

Sources said that Zepto plans to file its DRHP with SEBI later this month, and is eyeing a public listing by June 2026

Zepto’s public issue will likely comprise a fresh issue of $450 Mn to $500 Mn (about INR 4,000 Cr to INR 4,500 Cr) and an OFS by early backers

Quick commerce unicorn Zepto has reportedly received board approval to convert the private company into a public entity.

The resolution “to approve the conversion from private limited company to public limited company” was cleared by shareholders on November 21, news agency PTI reported citing a regulatory filing.

However, Inc42 could not find any related regulatory filings on the Registrar of Companies’ website as of 1 AM on December 6. For the uninitiated, converting into a public entity is the first step towards an initial public offering (IPO).

Sources told the news agency that Zepto plans to file its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) later this month. The quick commerce unicorn is eyeing a public listing by June 2026.

“We’re growing 20-25% every quarter on order volume, and burn is going down. …we’re able to show investors that in relative terms we’re able to deliver reasonable capital efficiency for 100% plus year on year growth,” a Zepto spokesperson said.

This follows reports last month that the quick commerce major was looking to file its draft papers with SEBI via the confidential pre-filing route for an IPO. The public issue will likely comprise a fresh issue of $450 Mn to $500 Mn (about INR 4,000 Cr to INR 4,500 Cr) and an offer for sale (OFS) by early backers.

Notably, this is not Zepto’s first stab at a public listing. The quick commerce major was previously eyeing a listing in 2025 or early-2026, but deferred the plans later to focus on growth, profitability and increase domestic ownership.

As part of its preparations for IPO, Zepto shifted its domicile to India from Singapore earlier this year. Following this, it also renamed its registered entity to Zepto Pvt Ltd from Kiranakart Technologies Pvt Ltd previously.

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto operates a quick commerce platform that claims to deliver groceries, electronics and other kitchen staples within 10 minutes. The unicorn reportedly had more than 900 dark stores under its belt, as of September 2025.

In October, the unicorn raised $450 Mn (around INR 3,955 Cr) in a funding round, in a mix of primary and secondary capital, at a valuation of $7 Bn. Prior to this, Zepto also secured INR 400 Cr (about $45.7 Mn) from financial services company Motilal Oswal Financial earlier this year.

On the financial front, Zepto’s revenue surged 149% to INR 11,100 Cr in FY25 as against INR 4,454 Cr in the previous fiscal year. While its bottom line number for the reported period is not available, the startup posted a loss of INR 1,248.64 Cr in FY24.