Zepto pre-IPO round cuts valuation to $4.5 billion

The capital infusion is expected to be led primarily by domestic investors to increase Indian shareholding in the company, which stands at roughly 40 percent.

The $4.5 billion valuation marks a moderation from the $7 billion the unicorn hit in October 2025, when it raised $450 million in a round led by the California Public Employees' Retirement System (CalPERS).

Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto filed preliminary IPO papers in December 2025 through the confidential pre-filing route. The updated draft papers filed in June 2026 show the company looking to raise ₹8,010 crore through a fresh issue of shares, alongside an offer for sale of 11.35 crore equity shares by existing shareholders.

For the financial year 2025-26, Zepto reported revenue from operations of ₹22,624 crore and a net receivables value of ₹24,816 crore. The company processed an average of 17.5 lakh orders per day during the year, with volume surging to 23.3 lakh orders per day in the quarter ended March 2026.

As of March 31, Zepto operated 1,139 stores and had an annual transacting user base of nearly 48 million. Its eventual listing will put it alongside Eternal and Swiggy on Indian stock exchanges, competing directly with their quick-commerce arms, Blinkit and Instamart.