Zepto Eyes IPO Backers

Zepto is lining up wealthy family-office money ahead of its planned stock-market debut in India. (storyboard18.com) Storyboard18, citing Tracxn data, reported on April 21 that backers include Ranjan Pai’s Claypond Capital, Ravi Modi Family Trust, Brescon led by Nirmal Gangwal, and the Narotam Sekhsaria Family Office. The same report said Zepto has already begun talks with institutional investors for the listing. (storyboard18.com) The company is aiming to raise about $1.2 billion to $1.3 billion, or roughly ₹10,000 crore to ₹12,000 crore, through the offering after receiving approval from the Securities and Exchange Board of India via the confidential filing route, according to Storyboard18 and ETEntrepreneur. (storyboard18.com) (economictimes.indiatimes.com) That investor mix matters because Zepto is trying to enter public markets as India’s third major quick-commerce listing, after Zomato and Swiggy built public-market cases around fast delivery. Storyboard18 said Zepto drew deeper family-office participation before listing than Swiggy or Zomato-owned Blinkit did in their private rounds. (storyboard18.com) The sector Zepto is selling into is still expanding fast. CareEdge Advisory estimated India’s quick-commerce gross order value at ₹64,000 crore in fiscal 2025 and projected it could approach ₹2 lakh crore by fiscal 2028. (careratings.com) Zepto has also spent heavily to chase that growth. Moneycontrol reported the company’s FY25 total sales rose 129% to ₹9,668.8 crore, while net loss widened 177% to ₹3,367.3 crore as competition pushed platforms to add dark stores, delivery capacity, and incentives. (moneycontrol.com) Rivals are spending too. Swiggy’s annual report showed Instamart revenue of ₹6,418 crore with an adjusted EBITDA loss of ₹280 crore in FY25, while Eternal’s disclosures, summarized by Medianama, showed Blinkit adjusted revenue of ₹5,206 crore and an adjusted EBITDA loss of ₹292 crore. (swiggy.com) (medianama.com) Before this IPO push, Zepto spent 2025 moving its holding structure back to India. Entrackr reported on January 28, 2025, that the company completed its reverse flip from Singapore to India, a step that cleared the way for a domestic listing process. (entrackr.com) The next test is whether public investors accept Zepto’s growth story at IPO pricing while the quick-commerce price war is still running. TechCrunch reported on April 11 that Flipkart and Amazon are also pressing deeper into the market, adding to the pressure on standalone players. (techcrunch.com)