Zepto gets Sebi’s nod for $1bn IPO

Mumbai : Zepto’s $1 billion IPO is a step closer to hitting Dalal Street with markets regulator Sebi giving it a go ahead for the issuance, details published on its website showed. The company which rivals Eternal’s Blinkit and Swiggy Instamart in India’s $10-11 billion quick commerce market is targeting a listing sometime by July, said people in the know. Zepto declined to comment. The bulk of the IPO, it is understood, will be through a fresh issue of shares. The startup, last valued at $7 billion had filed for IPO through the confidential route in Dec last year and will now file updated papers in about sixeight weeks, sources said. Zepto which will join two of its listed competitors is heading to the bourses amid war-battered volatile markets which pushed its fintech peer PhonePe to pause its $1.3 billion IPO.