NEW DELHI (dpa-AFX) - Zepto, India's fastest-growing quick commerce platform, has confidentially filed for an initial public offering worth 110 billion Indian rupees or around $1.22 billion.
The filing with the Securities and Exchange Board of India or SEBI is considered to be among the most anticipated IPOs in the country amid surging demand for quick delivery market, which promises deliveries in as little as 10 minutes. Zepto filed its draft prospectus under the confidential route that allows companies to keep IPO details private.
In the highly competitive Indian quick-commerce segment, Bengaluru-based Zepto, founded in 2021, offers over 45,000 products across categories ranging from groceries to electronics.
During its previous funding round in October, the firm raised $450 million from investors, and was last valued at $7 billion.
In August, Zepto strengthened its partnership with Criteo SA to scale retail media campaigns and enhance brand engagement across the open internet.
Swiggy, a major player in the quick commerce market, reportedly raised 100 billion rupees from institutional investors earlier in December to expand its operations.
E-commerce giant Amazon in June launched its 15-minute quick commerce operations 'Amazon Now' service across Indian's three major cities of Mumbai, Delhi and Bengaluru. Walmart-owned Flipkart also unveiled its quick commerce service in 2024.
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