Indian quick commerce company Zepto has submitted updated draft documents to the Securities and Exchange Board of India (SEBI) as it seeks to raise Rs80.10bn ($836.7m) through a fresh equity issue and an offer for sale (OFS).
The OFS involves up to 113.46 million shares being offloaded by existing investors, with the proposed listing covering both the Bombay Stock Exchange and the National Stock Exchange of India.
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Shareholders participating in the OFS include Contrary ZEP Holdings, Kaiser Foundation Hospitals, Kaiser Permanente Group Trust, and Razor Ventures Zepto.
Ahead of filing its Red Herring prospectus, Zepto is also considering a pre-IPO placement of up to Rs16.02bn, with any proceeds from that round to be deducted from the fresh issue size.
According to the company, the fresh issue proceeds will fund several operational priorities.
These include Rs16.28bn for expanding its dark store footprint into new and existing geographies, Rs17.34bn for lease rentals on current dark stores, Rs13.24bn for technology and cloud infrastructure, and Rs5.20bn for marketing and business promotion via subsidiary Zepto Marketplace Private Limited.
The remainder is earmarked for inorganic growth opportunities, including acquisitions not yet identified, and general corporate purposes.
At the close of the 2025–2026 financial year, on 31 March 2026, Zepto had 1,139 dark stores and 75 warehouses operational across India, with 47.97 million annual transacting users.
All its facilities are held on leased or licensed premises.
The company earns revenue through platform commissions, advertising, delivery and logistics fees, and procurement and distribution activities.
The filing states that Zepto’s order volumes grew at a compound annual growth rate of approximately 119.5% between fiscal 2024 and fiscal 2026.
Zepto’s promoters are Aadit Palicha, who serves as managing director and chief executive officer; Kaivalya Vohra, who serves as whole-time director; and Singapore-based family trusts Lazarus Trust and The Vohra Trust, represented by trustees Kavit Palicha and Jaideep Vohra, respectively.
