Zepto IPO not yet cleared by SEBI; approval reports speculative, say sources

Quick commerce platform Zepto has not yet received final approval from the Securities and Exchange Board of India (SEBI) for its initial public offering, sources told CNBC-TV18, pushing back against reports suggesting otherwise.

While some reports indicated that the company had secured the regulator’s nod, sources said these claims are speculative, adding that Zepto is in the final stages of the approval process and continues to assess market readiness.

The development was first reported by The Arc.

According to sources, Zepto is currently evaluating investor interest under a regulatory provision that allows companies to engage with institutional investors before formally launching an IPO. The company remains in active discussions with investors to gauge demand, valuation expectations and overall market appetite.

Zepto had made a confidential filing towards the end of 2025 for an IPO reportedly valued at over $1.3 billion. The company has appointed Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal as bankers for the proposed issue.

In January this year, Zepto completed a key structural shift by moving its domicile back to India from Singapore, a step seen as part of its IPO preparations.

The company last raised $450 million in October in a mix of primary and secondary funding led by US-based pension fund CalPERS. The proceeds from the IPO are expected to bolster its cash reserves as it competes with Amazon, Flipkart Minutes and BigBasket in the fast-growing quick commerce segment.

On the financial front, Zepto reported total sales (turnover including other income) of ₹9,668.8 crore in FY25, up 129% year-on-year from ₹4,223.9 crore in FY24. Its net loss widened 177% to ₹3,367.3 crore, compared with ₹1,214.7 crore a year earlier.