Quick commerce platform Zepto plans to launch its Rs 11,000-crore initial public offering (IPO) in July, people familiar with the matter said on Thursday.
If the listing goes through, Zepto will join rivals Zomato and Swiggy, which are already listed on stock exchanges.
The Bengaluru-based startup, which secured approval from the Securities and Exchange Board of India (Sebi) earlier this month for its maiden public issue, is now expected to submit its Updated Draft Red Herring Prospectus (UDRHP) to the regulator.
The delivery app filed its IPO papers using the confidential route in December 2025.
People familiar with the matter told PTI that Zepto, founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, is aiming to list on the bourses before July 31.
According to a recent report by brokerage Bernstein, Zepto is pursuing a markedly different growth strategy from its rivals by focusing on market density and operational intensity rather than rapid geographic expansion.
A present, Zepto has the highest dark-store concentration in the quick commerce segment, with nearly 21 stores per city, compared to around nine stores per city for peers, it added.
Zepto operates 1,255 dark stores across 61 cities, compared to rival Blinkit, which has 2,222 stores spread across 243 cities.
Bernstein also noted that the company has the highest store-to-pincode ratio in the category, indicating a strategy centred on saturating existing markets instead of aggressively expanding into newer cities.
According to the analysis, Zepto's network remains heavily concentrated in metro markets, reflecting a deliberate focus on dense urban clusters where faster deliveries, higher order frequency and stronger customer engagement can improve over time.
Instead of chasing GMV through expansion, Zepto appears to be building usage intensity and operational leverage within fewer markets, the report said.
The brokerage said the approach stands out in a sector where scale is often measured by the number of cities served.
Bernstein suggested that Zepto may be betting that deeper penetration in high-density markets could create stronger unit economics than broader but thinner national coverage.
This public-market push comes following strong private funding support.
In October 2025, the company raised USD 450 million (about Rs 3,757.5 crore) in a funding round led by the California Public Employees' Retirement System (CalPERS) at a valuation of USD 7 billion. It achieved unicorn status in August 2023, after raising USD 200 million in its Series E funding round, which valued the startup at USD 1.4 billion.
Published on May 21, 2026