Quick commerce platform Zepto is set to file an updated draft red herring prospectus (DRHP) early with SEBI next week, according to sources familiar with the matter, as the company looks to take the next step in its public market journey.
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.
Sources said the company is looking to raise around Rs 11,000 crore through the offering. Founders Aadit Palicha and Kaivalya Vohra are not expected to sell shares in the IPO, keeping their stakes as Zepto enters the public markets.
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The listing comes at a time when India's quick commerce sector is increasingly being judged on scale, profitability and the quality of revenue rather than just growth.
Sources said Zepto has crossed Rs 10,000 crore in net order value (NOV) in the current quarter, marking a key milestone as competition intensifies among the country's largest quick commerce players.
The company has also significantly reduced cash burn, bringing it down to around Rs 120 per order from nearly Rs 200 a year ago. Internally, Zepto expects another four to five quarters before reaching what it considers an optimal break-even level across the business.
One of the key changes in Zepto's IPO narrative is likely to be its focus on Net Realizable Value (NRV) as a core operating metric.
The move would distinguish Zepto from listed rival Eternal (formerly Zomato), which reports Net Order Value (NOV) for its quick commerce business Blinkit. NOV broadly captures the value of orders transacted on the platform, while NRV seeks to reflect the actual revenue realised by the company, including commissions, service fees and advertising income.
Sources said Zepto plans to include advertising revenue within its NRV metric, highlighting the growing contribution of ads to the economics of quick commerce. The approach could offer investors a clearer picture of monetisation compared with gross transaction value-based measures.
Meanwhile, Swiggy has disclosed gross order value and other operating metrics for Instamart, with investors increasingly tracking contribution margins, take rates and advertising income as indicators of the business's path to profitability.
The upcoming IPO is expected to be among the largest public offerings by a new-age consumer internet company this year and will provide investors with a fresh benchmark to compare the business models and profitability trajectories of Zepto, Blinkit and Instamart.
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