Zepto Files for ₹9,500 Crore IPO After Rapid Growth and Expansions

Zepto has filed for IPO with SEBI to raise up to ₹9,500 crore in quick commerce. With the latest prospectus (June 9, 2026) filed, the firm will be one of the top 10 in India’s e-commerce sphere with fresh shares and an offer to sell.

A startup founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has now grown its operations and has grown rapidly to revenue of ₹22,624 crore in FY26, surpassing the previous year’s revenue of ₹22,624 crore for FY26, more than twice as big in 2021. The user base is 48 million, with a staggering 640 million orders completed in the year.

Despite this growth, Zepto’s losses widened to ₹5,905 crore because of the high costs of aggressive expansion. Now, almost 1,100 dark stores are operational in India, a model that has improved delivery but also required large upfront investment.

But operational efficiencies have begun to show up. Orders per store increased 49%, while costs dropped 29%, indicating improved productivity. Zepto’s advertising revenue increased 33-fold, also a clear indication of its monetization channel beyond deliveries.

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The IPO could value Zepto at between $8 billion and $10 billion in the company’s market capitalisation and it could be among India’s top consumer internet companies. The listing is also a test of quick commerce and the quick commerce sector as well, which has struggled to make money as its competitors like Blinkit and Swiggy Instamart are getting closer to breakeven since the IPO and other fast commerce companies like those in the industry have started to be cash-strapped.

Zepto’s IPO represents both risk and opportunity for investors. The company is growing rapidly and improving efficiency is encouraging but long-term profit-making is still hard to sustain. But it has a big name and growing user base in India’s market and is an ideal candidate in its e‑commerce market.

Zepto’s ₹9,500 crore IPO filing is a key moment for India’s startup ecosystem. With exploding revenues, increasing losses and ambitious expansion, the company’s public debut would not only provide growth capital but also set the tone for the future of quick commerce in India.