Zepto – Begins IPO Roadshow Phase as Public Market Debut Nears

Expert Analysis:

• Zepto has entered the next phase of its IPO journey by initiating investor roadshows and institutional engagement activities ahead of its planned public market debut.

• The company’s IPO preparations have accelerated following the filing of its updated Draft Red Herring Prospectus (DRHP), with the proposed offering expected to be among India’s largest startup listings in 2026.

• Through the roadshow process, Zepto is expected to pitch its long-term growth story around quick-commerce leadership, dark-store expansion, delivery density, and improving operating leverage to institutional investors.

• Investor discussions are likely to focus heavily on the company’s path to profitability, especially given the high cash-burn nature of the quick-commerce industry and increasing competition from Blinkit, Swiggy Instamart, Flipkart Minutes, BigBasket, and Amazon.

• Zepto’s updated filings showed strong revenue growth alongside continued losses, highlighting the broader industry challenge of balancing rapid expansion with sustainable unit economics.

• The company is reportedly targeting a July 2026 listing timeline, with the IPO expected to include both a fresh issue and an Offer for Sale (OFS) by existing investors.

• Founders Aadit Palicha and Kaivalya Vohra are not participating in the OFS, a move interpreted by investors as a signal of continued long-term commitment toward the business.

• IPO proceeds are expected to support further investments in dark-store infrastructure, technology platforms, supply chain optimization, and market expansion initiatives.

• The roadshow phase will be critical in determining investor appetite, valuation comfort, and institutional confidence toward India’s fast-growing but capital-intensive quick-commerce sector.