Zepto may take its first formal steps towards launching its much awaited IPO soon. According to the latest report by Moneyconytrol.com, it is likely to file the confidential DRHP with SEBI today. Financial Express could not independently verify this news development. We have written to Zeoto seeking confirmation on the same and will update as soon as we hear from the company.
According to the Moneycontrol report, Zepto may inform all the stakeholders about the filing on December 26.
What the DRHP filing could signal
The confidential DRHP route allows companies to submit draft IPO papers to the regulator without making them public immediately. If Zepto goes ahead with the filing today, it would indicate that internal preparations, including financial disclosures and regulatory checks, are largely in place, the report further added.
Founded in 2020, the Bengaluru-based startup would be among the youngest Indian unicorns to tap the public markets if it lists in 2026, roughly six years after inception. By comparison, Honasa Consumer, which runs Mamaearth, went public around seven years after it was founded.
Zepto IPO plans and valuation backdrop
As per various media reports Zepto had appointed bankers and was exploring an IPO that could raise around $500 million. While there is no clarity on the the final size and valuation remain undecided, the company was last valued at about $7 billion during a private funding round earlier this year.
Any move towards an IPO comes at a time when investor scrutiny of consumer internet businesses has intensified, with a sharper focus on scale, cash burn, and the path to profitability.
A crowded public-market landscape ahead
If and when Zepto lists, it will join rivals already trading on the bourses, including Eternal, which operates Blinkit, and Swiggy, which runs Instamart. As of December 25, Eternal’s market capitalisation stood at around $30 billion, while Swiggy’s was close to $12 billion, as per the report.
The potential listing would put all three leading quick commerce players in the public markets, a notable moment for a sector that barely existed five to six years ago.
Why quick commerce is under the spotlight
Quick commerce has shifted from a convenience-led offering to a core battleground for large consumer internet firms. Alongside Blinkit, Swiggy and Zepto, players such as BigBasket, Flipkart’s Minutes and Amazon’s Now have stepped up investments.
As Zepto prepares for a potential IPO, investor attention is firmly on listed peers already navigating the public markets. Major brokerages have turned increasingly constructive on both Swiggy and Eternal, even as competition in quick commerce heats up.
Bernstein recently initiated coverage on the two companies, highlighting the rapid expansion of India’s convenience economy, which it estimates could grow into a Rs 6–7 lakh crore opportunity over time. While near-term profitability is likely to remain under pressure due to continued investments in dark stores, delivery infrastructure and discounts, the brokerage believes scale and improving order density could drive stronger unit economics over the medium term.
Jefferies, meanwhile, has taken a more bullish outlook for Eternal, citing factors such as improving contribution margins at Blinkit, operating leverage from higher volumes, and a strengthened balance sheet. The brokerage has pointed to significant upside potential for Eternal, even as it cautions that rising competition from Zepto, Amazon and Flipkart could keep earnings volatility elevated in the near term.