Rapid-commerce firm Zepto Ltd. is preparing to publicly file in the first half of June for an initial public offering that may raise up to $1 billion, according to people familiar with the matter. The 10-minute delivery platform is likely to begin investor roadshows later next month and is targeting an IPO launch as early as July. The offering is expected to include a fresh issue of shares as well as secondary share sales by existing investors, with proceeds likely to fund expansion. The company is working with Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd. and the local units of Morgan Stanley, HSBC Holdings Plc and Goldman Sachs Group Inc. on the share sale.
The company achieved a $7 billion valuation in its last $450 million funding round in October. Zepto competes with Amazon.com Inc.'s India unit as well as local rivals including Swiggy Ltd., Eternal Ltd.'s Zomato and Tata Group-backed BigBasket. The offering may become only the second billion-dollar IPO in India this year, after SBI Funds Management's planned share sale. Representatives for Zepto declined to comment on the IPO plans.
Local companies have raised a combined $3.5 billion through first-time share sales so far in 2026, far below the record levels of the previous two years. The deals may help revive momentum in a market slowed by weak dealmaking as investors assess the economic fallout from the Iran war. The company is working with Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd. and the local units of Morgan Stanley, HSBC Holdings Plc and Goldman Sachs Group Inc. on the share sale.
The company confidentially filed draft IPO papers at the end of December and received regulatory observations on May 10. Under local rules, companies are required to make their prospectuses public for at least 21 days before launching an offering. Deliberations are ongoing and details, including the size and timing of the IPO may still change, according to sources familiar with the matter. The company is preparing for a potential $1 billion IPO with a public filing expected in June and launch targeted for July.
