Quick commerce firm Zepto has filed draft papers with market regulator SEBI for an IPO worth over $1.3 billion (₹11,682 crore), sources said. The Adit Bhilani-led company plans to raise around ₹11,000 crore through a combination of fresh shares and an offer for sale to early investors. Shareholders approved the IPO plan at an EGM held on December 23.

The IPO comes amid fierce competition in the quick commerce space, where Zepto is taking on Swiggy, Instamart and Blinkit. Investment banks including Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal are acting as bankers for the issue. The proceeds are expected to help Zepto strengthen its fighting spirit against rivals like Amazon, Flipkart Minutes and BigBasket.

Founded in 2020 by Adit Bhilyan and Kaivalya Vora, Zepto has moved from a kirana-led delivery model to dark stores and 10-minute fast deliveries. The company has raised over $2.45 billion so far, having last raised $450 million in October. In fiscal 2024, Zepto reported revenue of ₹4,454 crore and net loss of ₹1,249 crore, and its listing is expected by September next year.