Zepto files updated DRHP for $1bn IPO

MUMBAI: Q-comm player Zepto on Monday filed its updated draft IPO papers with markets regulator Sebi, taking it a step closer to its public listing targeted some time in July.

The startup is seeking to raise up to Rs 8,010 crore through fresh issue of shares. A bunch of the company’s existing investors including Nexus Venture Partners and Contrary are collectively selling up to 11.3 crore shares in the IPO.

Zepto’s total issue size is estimated at $1 billion (Rs 9,000-9500 crore). The company which competes with Eternal’s Blinkit and Swiggy’s Instamart is targeting a valuation of about $10 billion, said people aware of the matter. The startup, last valued at $7 billion had filed for IPO through the confidential route in December last year. The instant delivery market is led by Blinkit with over 40% share; Instamart and Zepto command over 20% each, analysts said.