CNBC-TV18 Newsbreak Confirmed: Zepto files IPO papers, aims to raise up to ₹12,000 crore

Quick commerce major Zepto has filed its Updated Draft Red Herring Prospectus with market regulator SEBI on Monday late evening.

CNBC-TV18 had first reported Zepto’s confidential plans

to raise up to Rs 12,000 crore in December 2025, and subsequently reported SEBI’s approval in May 2026.

According to the UDRHP, Zepto is planning a fresh issue of ₹8,010 crore. It also includes an offer for sale by early institutional investors. The total IPO size is expected to reach between ₹11,000 crore and ₹12,000 crore, depending on the final OFS portion.

The company has kept open the option for a pre-IPO placement of up to ₹1,602 crore, which would reduce the fresh issue size proportionately.

In FY26, Zepto recorded revenue from operations of ₹22,624 crore and a Net Realizable Value of ₹24,816 crore. The company operated 1,139 dark stores and had nearly 4.8 crore annual transacting users.

Operational metrics showed growth during the year. Daily orders increased from 1.46 million in Q2 FY26 to 2.33 million in Q4 FY26. Orders per store per day rose from 1,433 to 2,140 over the same period. Q4 FY26 NRV stood at ₹8,134 crore.

On unit economics, cost per order declined from ₹181 in Q2 FY26 to ₹128 in Q4 FY26. Adjusted EBITDA loss per order fell from ₹110 to ₹59, while free cash flow loss per order improved from ₹103 to ₹42. Advertising revenue for FY26 was ₹1,636 crore, rising from 7.1% to 7.9% of NRV between Q2 and Q4.

Six early institutional investors are selling shares through the OFS, led by Nexus Ventures. Other participants include Contrary Capital, Razor Ventures, and Kaiser entities. Founders Aadit Palicha and Kaivalya Vohra are not selling any shares in the offer.

The IPO is being offered under Regulation 6(2) of SEBI’s ICDR Regulations, the route used by Zomato and Swiggy. The DRHP notes that Zepto held approximately 29% market share in quick commerce, behind Blinkit at 46%. It was the fastest growing player by order volume between FY24 and FY26, according to a Redseer Report included in the filing.

Risk factors mention an ongoing CCI inquiry into predatory pricing in the sector.

Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial, and IIFL Capital are the book running lead managers.