IPO-bound quick-commerce startup Zepto has disclosed major stock option grants made to several senior executives during fiscal 2025-26 (FY26) in its recently filed updated draft red herring prospectus (DRHP) ahead of its initial public offering. Adopted by Zepto's Board on Feb. 4, 2025, the "Zepto Employee Stock Option Plan'' (ESOP 2025) was established to retain key talent. The disclosure comes ahead of its planned stock market debut, despite a decrease in the number of employees receiving grants last fiscal.
The ESOP 2025 scheme was amended on Dec. 10, 2025, setting the pool at 1,228,940,848 options. Zepto's Nomination and Remuneration Committee and Board resolved on May 28, 2026, to increase the pool by 246.5 million options. This brings the total potential ESOP pool to 1,475,434,008 options. As of the updated DRHP, Zepto has granted 1,340,023,717 options (including lapsed or forfeited options). Out of these, 581.6 million options have successfully vested, and 2,738,120 options have been exercised.
ALSO READ: Zepto Q4 Net Loss Narrows To Rs 1,539 Crore, Revenue Rises 75% To Rs 7,498 Crore Ahead Of IPO
FY26 vs. FY25: Decoding the shift in grant volumes
The updated DRHP details a significant volume of stock options granted over the past two fiscal years as Zepto scaled its operations:
FY25: During fiscal 2024-25, Zepto granted 790.13 million options to its employees.
FY26: The volume of new grants normalized to 490.62 million options.
Recent grants: From April 1, 2026, until the date of the updated DRHP (June 8, 2026), an additional 59,265,043 options were granted.
Some of the key senior employees leading Zepto's operations, who are the likely beneficiaries of the ESOP pool, include chief Human Resources Officer Sneha Arora, Chief Operating Officer Vikas Sharma, President - Supply Chain and Category Vinay Dhanani, Chief Business Officer Devendra Meel, Chief Technology Officer Nikhil Mittal, among few others.
ESOPs granted in FY26
According to the draft papers, chief financial officer Ramesh Bafna received 138.3 million stock options during FY26, which is likely the largest disclosed grant among key managerial personnel. Among other senior employees, chief human resources officer Sneha Arora got 21.3 million options, while chief business officer Devendra Meel received 51.9 million options in FY26. Chief product officer Ankit Agarwal received 13.2 million options, and chief growth officer Divesh Sawhney got 8.8 million options. Zepto's company secretary and compliance officer Samad Shariff received 927,585 options in FY26.
ALSO READ: Zepto Q4 Net Loss Narrows To Rs 1,539 Crore, Revenue Rises 75% To Rs 7,498 Crore Ahead Of IPO
Zepto IPO Details
Zepto has filed its updated draft red herring prospectus for the much anticipated IPO worth nearly Rs 10,000 crore or $1 billion. The IPO has a fresh issue of shares worth Rs 8,010 crore and an offer for sale segment aggregating up to 11.3 crore equity shares. Nexus Ventures VI Holdings is the largest selling shareholder, offloading 57.4 million shares, followed by Nexus Ventures VII Holdings with 30.4 million shares, according to the updated DRHP.
Other investors participating in the OFS include Contrary ZEP Holdings LLC, which will sell 7.8 million shares, Razor Ventures Zepto LLC with 9.4 million shares, Kaiser Foundation Hospitals with 4.39 million shares, and Kaiser Permanente Group Trust with 4.16 million shares. The updated filing will pave the way for investor roadshows and move the company closer to a July stock market debut. Zepto had originally filed its IPO papers under the confidential route in December 2025.
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