Aadit Palicha-led fast commerce main Zepto has reportedly pre-filed draft papers with the Securities and Change Board of India (Sebi) for an IPO of about $1.3 billion, or roughly Rs 11,600 crore, based on the Financial Occasions report.

The corporate is trying to increase round Rs 11,000 crore by means of a recent subject of shares, with the remaining portion anticipated to come back from a suggestion on the market by early buyers.

The four-year-old startup obtained shareholder approval for the proposed IPO at a rare basic assembly held on December 23. Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Monetary, IIFL Securities and Motilal Oswal are the bankers to the problem, the report famous.

Zepto is anticipated to go public within the July-September quarter of 2026, which might make it the youngest VC-funded new-age startup in India to faucet public markets.

The corporate has opted for SEBI’s confidential submitting route, a mechanism earlier utilized by corporations equivalent to Swiggy, Meesho and Groww. This enables issuers to revise the dimensions and construction of the providing nearer to the launch.

The report comes amid intensifying competitors in India’s fast commerce phase. Zepto competes with Everlasting-owned Blinkit and Swiggy’s Instamart, each of that are nicely capitalised. Swiggy raised Rs 10,000 crore earlier this month by means of a certified institutional placement after largely exhausting the Rs 4,500 crore it raised through its IPO in November final 12 months.

Eternal had raised Rs 8,500 crore by means of a QIP in 2024. Different rivals embrace Flipkart Minutes, Amazon Now and BigBasket.

In line with regulatory filings with the Registrar of Corporations, Zepto reported total sales of Rs 9,669 crore in FY25, up 129% from the earlier 12 months. Web losses, nonetheless, widened sharply to Rs 3,367 crore from Rs 1,214 crore in FY24.

As of late November, the corporate had round Rs 7,000 crore in money on its books, in contrast with an estimated Rs 17,000-18,000 crore every at Swiggy and Everlasting.

In October, Zepto raised $450 million in a mix of primary and secondary transactions, valuing the corporate at about $7 billion. The spherical was led by US pension fund California Public Staff’ Retirement System (CalPERS), with participation from current buyers together with Lightspeed, Common Catalyst and Avenir Development. Round $300 million of the spherical was major capital.

Based in 2020 by Aadit Palicha and Kaivalya Vohra, Zepto was initially launched as KiranaKart, providing 45-minute deliveries by means of neighbourhood shops. Inside months, the corporate pivoted to a dark-store mannequin and rebranded as Zepto in April 2021, promising 10-minute deliveries beginning in Mumbai.

Since then, it has expanded to most main Indian cities. Whereas the corporate undertook cost-cutting measures over the previous 12 months after fast enlargement, it has once more accelerated development following its October fundraise.

To this point, Zepto has raised over $2.4 billion from buyers equivalent to Lightspeed Enterprise Companions, Y Combinator and Nexus Enterprise Companions.

If the proposed itemizing goes by means of as deliberate, Zepto would be a part of Swiggy and Everlasting as listed gamers within the fast commerce area.