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Zepto to file IPO papers
Quick commerce player Zepto has revived its IPO plans and is reportedly looking to file its DRHP in the next two to three weeks.
The startup will file the draft IPO papers with SEBI via the confidential route, ET reported.
All avout Zepto IPO
The public issue is about to comprise a fresh issue of $450 Mn to $500 Mn (about INR 4,000 Cr to INR 4,500 Cr) along with an offer for sale by early investors.
However, this number is not final and could change depending on Zepto’s cash burn, the report added.
The startup is eyeing a public listing by July-September next year.
Notably, Zepto was earlier planning its public listing in 2025 or early 2026. However, it had put off the IPO plans to focus on growth, profitability and increase domestic ownership.
As part of its preparations for an IPO, Zepto shifted its domicile from Singapore to India earlier this year. Following that, it also changed its registered name to Zepto Pvt Ltd in April, from Kiranakart Technologies Pvt Ltd.
Only last month, the quick commerce company raised $450 Mn (around INR 3,955 Cr) in a funding round, which was a combination of primary and secondary capital, at a valuation of $7 Bn.
Following the fundraiser has been attempting to increase its market share by waiving the handling fee and surge fee for customers.
Zepto has secured NR 400 Cr (about $45.7 Mn) from Motilal Oswal Financial.
The company has also been taking cost-cutting measures. According to reports, it has laid off nearly 500 employees since April this year in a restructuring exercise.
The startup posted a loss of INR 1,248.64 Cr in FY24.
CEO Aadit Palicha told ET in October, “If you want to raise $600–700 million, that can only come in an IPO.”