Zepto IPO: The Delivery Unicorn Gets SEBI Nod, focuses on June 2026

Mumbai | 8 April 2026

Zepto IPO: The Delivery Unicorn Gets SEBI Nod, Focuses on June 2026

Zepto is on the verge of receiving in-principle approval from the Securities and Exchange Board of India for a Rs 11,000 crore ($1.3 billion) Initial Public Offering (IPO), according to sources aware of the matter, with the quick commerce firm targeting a market debut by the end of June 2026.

What Is Zepto’s IPO Timeline?

The company made a confidential filing with SEBI in December 2025 and took board approval to raise Rs 11,000 crore through the offering. It is now expected to refile its prospectus with updated FY26 financials in the first week of May 2026.

Zepto must also submit a certificate confirming completion of the testing-the-waters (TTW) process, which allows emerging growth companies to gauge interest from qualified institutional buyers and accredited institutional investors before making a public filing. That process is expected to conclude within the next two to three weeks. Final SEBI approval will follow the updated prospectus filing.

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Zepto IPO: Key Details at a Glance

• Company: Zepto (Kiranakart Technologies)
• Founded: 2020
• IPO size: Rs 11,000 crore
• IPO type: Primarily fresh issue
• Sector: Quick commerce / online grocery delivery
• Last private valuation: Around $7 billion
• Expected listing: June 2026, subject to regulatory approval
• SEBI filing: Confidential filing made in December 2025
• Prospectus refile: Expected first week of May 2026 with updated FY26 numbers
• TTW process: Expected to conclude within two to three weeks

What Is Zepto and How Does It Operate?

Incorporated in July 2021 as Kiranakart Technologies, Zepto is an Indian quick commerce company focused on ultra-fast grocery delivery. It operates a nationwide network of micro-warehouses, known as dark stores, and promises delivery of groceries and essentials in approximately 10 minutes across major Indian cities.

The company runs over 250 dark stores and offers more than 45,000 products spanning groceries, electronics, daily essentials, pharmacy, and lifestyle categories. The expansion into pharmacy and lifestyle has been a deliberate move to deepen customer engagement and broaden its revenue base beyond core grocery.

How Does Zepto Compare With Quick Commerce Rivals?

Zepto pivoted to the quick commerce model and now competes with Blinkit, owned by Eternal, and Swiggy’s Instamart. Amazon, Flipkart, and Reliance JioMart are also expanding in the segment.

Zepto held approximately $600 to $700 million in cash as of March 2026. By comparison, Blinkit held $1.9 billion and Swiggy held $1.7 billion as of December 2025. Share prices of both Swiggy and Eternal have declined 30 to 35 per cent over the past six months, putting pressure on valuation multiples across the sector.

Why Is Market Timing a Risk for the Zepto IPO?

The listing comes during a difficult period for Indian equity markets. Benchmark indices have corrected over the past month on the back of West Asia-linked volatility. PhonePe last month suspended its IPO plans and reduced its valuation target from $15 billion to $10 billion, citing global market uncertainty.

Zepto’s offering is structured primarily as a fresh capital raise, unlike PhonePe’s offer-for-sale format. Analysts estimate Zepto may have to take a significant cut from its last private valuation of $7 billion. If the listing proceeds on schedule, Zepto would go public in under six years from founding, faster than Mamaearth and Ola Electric, which each took seven to eight years.

Outlook

Final approval from SEBI is contingent on Zepto submitting its updated prospectus and completing the TTW process. A June 2026 listing remains the target, subject to regulatory clearances and prevailing market conditions.

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