IPO Size, Structure & Timeline

Zepto’s IPO is expected to raise between ₹10,000–12,000 crore, making it one of the biggest startup listings in India’s quick commerce sector.

The offering will include:

• Fresh issue of shares to fuel expansion
• Offer for Sale (OFS) for existing investors

The company has opted for the confidential filing route, allowing flexibility in timing and valuation adjustments. The listing is expected in late 2026, depending on market conditions.ticipated $1.3 billion IPO, marking a significant step toward becoming a publicly listed company.

The development comes at a time when India’s startup ecosystem is witnessing a renewed wave of IPO activity, especially in high-growth digital businesses.

Rapid Growth in India’s Quick Commerce Market

Founded in 2021, Zepto quickly scaled its operations by promising 10-minute grocery delivery, capturing urban consumers across major cities.

Key growth highlights:

• Valuation of around $7 billion
• Strong presence in metro cities
• Extensive network of dark stores

Zepto competes with major players like Blinkit and Swiggy Instamart, making the segment one of India’s most competitive digital markets.

Financial Performance: Growth vs Profitability

While Zepto has achieved impressive revenue growth, profitability remains a challenge—a common trend in the quick commerce industry.

• Revenue crossed ₹9,600 crore in FY25
• Losses widened due to aggressive expansion

The company continues to invest heavily in logistics, warehousing, and customer acquisition.

Why This IPO Is Important

SEBI approval is a major milestone, signaling that Zepto meets regulatory standards for public listing. It also reflects:

• Increased maturity of India’s startup ecosystem
• Rising investor interest in quick commerce
• Strong market confidence in high-growth startups

This IPO could set the tone for future listings in India’s tech startup space.

What’s Next for Zepto?

The IPO proceeds will likely be used for:

• Expanding dark store network
• Strengthening supply chain
• Investing in technology
• Improving unit economics

Despite losses, Zepto’s growth trajectory makes it one of the most anticipated IPOs in India.

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This funding follows its $5.1 million round raised in June 2025 from existing investors, including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, and Panthera Growth Partners.

The board of Pepperfry passed a resolution in January last month to approve the issue of 40,51,174 equity shares at an issue price of Rs 391 each to raise the aforementioned sum, according to its regulatory filings accessed from the Registrar of Companies (RoC).

Morde Foods will lead the funding with Rs 25 crore ($2.77 million), followed by SageOne Investments and Newage Global Ventures, which will invest Rs 20 crore and Rs 14.8 crore, respectively. Angel investors Sidharth Iyer and Vikas Arora will infuse Rs 15 crore and Rs 8.25 crore, respectively. The remaining amount will be contributed by 49 other investors, including Indian cricketer Shreyas Iyer.

Notably, according to the filing, the company has already received Rs 105 crore ($11.7 million) of the total funding, with the balance expected shortly.

The funding will be used to expand business operations, support subsidiaries and group entities, meet working capital needs, and for general corporate purposes, the filing added.

Pepperfry’s valuation is expected to fall by 44% to Rs 1,661 crore ($185 million) post-allotment, down from Rs 2,979 crore ($330 million) in its previous $5.1 million round in June last year.

Founded in 2011, Pepperfry operates on a marketplace model across both online and offline channels. With a catalog of over 10,000 products, it connects customers to leading brands such as Godrej, Springfit, and Spacewood. The company reports a retail presence of more than 200 studios across 100+ cities.

The Mumbai-based company has raised over $275 million to date from investors including Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite and others.

Following a 30% decline in operating revenue, Pepperfry’s revenue fell another 14% in FY25 to Rs 163 crore from Rs 189 crore in FY24. However, the company managed to reduce its losses by 27% to Rs 85 crore during the period.

Pepperfry competes with other well-funded furniture brands, including Urban Ladder, acquired by Reliance and backed by over $100 million in funding, and Wooden Street, which raised $77 million

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The company previously raised Rs 60 crore ($7.2 million) from Fireside Ventures, Raed Capital, and others in January 2024. 

The board at Wholsum Food Private Limited, the parent company of Slurrp Farm, has allotted 1,04,457 Series C1 preference shares at an issue price of Rs 2,872 each to raise Rs 30 crore from Scarlet Ventures, according to the filing sourced from the Registrar of Companies (RoC).

The company will use the new investment amount to augment the long-term financial resources of the company, the filing further added.

According to Entrackr’s estimates, the firm’s valuation grew 59% to Rs 810 crore (around $90 million) post-money, compared to Rs 510 crore valuation in its previous $7.2 million round. Following the latest round of allotment, new investor Scarlet Ventures holds a 3.7% stake in the company.

Slurrp Farm has raised around $18 million across multiple funding rounds, including a $7 million Series B round led by the Investment Corporation of Dubai. Following this round, Bollywood actress Anushka Sharma came on board as an investor and brand ambassador.

Founded in 2016, the company makes millet-based snacks and meals for young children. Its portfolio products include porridges and cereals, puffed snacks for children, millet pancakes, millet dosa, cake mixes, and others.

Slurrp Farm’s parent reported over 30% YoY growth in its operating revenue to Rs 95.6 crore in FY25 from Rs 72.5 Cr in FY24. However, its losses also increased by 29% to Rs 32.7 crore in the same period.

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The round also saw participation from Alteria Capital and Stride Ventures, along with angel investors including Lalit Keshre of Groww, Kunal Shah of CRED, Sachin Oswal, Ayyappan R, Abhishek Bansal, Sreevathsa Prabhakar, and Preeta Sukhtankar.

Earlier in June last year, ZILO had secured $4.5 million in seed funding led by Info Edge Ventures and Chiratae Ventures. 

The proceeds will be used to scale operations, invest in technology, expand to new markets, and strengthen its supply chain. It currently operates in Mumbai and plans to expand to additional cities over the next 12–14 months.

Co-founded by former Flipkart and Myntra executives Padmakumar Pal and Bhavik Jhaveri, ZILO operates a fashion quick commerce platform offering apparel delivery within 60 minutes. 

The brand works with more than 200 brands and offers features such as home trials and instant returns. It follows a vertically integrated model combining dark stores and brand outlets to manage inventory and delivery timelines. 

Recently, Mumbai-based quick commerce fashion platform KNOT raised $5 million in a new funding round led by 12 Flags. Zilo also competes with Slikk and Myntra, which has expanded its quick fashion delivery offering to additional cities.

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The founders’ families also participated in the round.

The Bengaluru-based company had raised nearly $3 million prior to this round. The startup recently appeared on Shark Tank Season 4 and secured a deal from Vineeta Singh, co-founder of Sugar Cosmetics.

According to the company, the fresh capital will be used to invest in research and development for new products, evaluate new nutrition formats, and expand distribution in Tier II and Tier III markets. A portion of the funds will also be deployed towards brand awareness and consumer education.

Good Monk is the flagship brand of Superfoods Valley and is based in Bengaluru. Founded by Amarpreet Singh Anand and Sahiba Kaur, the startup operates in the preventive nutrition segment with a focus on sprinkle-on nutrition products designed to be added to daily food.

Good Monk sells its products through its own website and online marketplaces such as Amazon and Flipkart. The company claims to have seen strong growth over the last 18 months and has turned contribution margin positive at the CM3 level.

The startup operates in a growing preventive nutrition market, as more consumers look for everyday nutrition formats that fit into existing food habits. With the new funding, Good Monk aims to expand its product portfolio and scale its online reach across India.

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1) Razorpay — payments powerhouse in IPO prep

Why it matters: Razorpay remains India’s marquee payments fintech, scaling rapidly across merchant payments, payouts and enterprise banking products. The company’s post-money private valuation was reported at about $9.2 billion in mid-2025 and it has been publicly linked to IPO plans and large capital raises as it moves toward listing.

What to watch: Razorpay’s path to profitability, regulatory shifts in digital payments, and the pricing/timing of any IPO will be key signals for the fintech market and for investor appetite toward large Indian tech IPOs.

2) PhonePe — scaling toward a giant public listing

Why it matters: PhonePe is preparing for a major IPO in 2026 and has filed updated papers that suggest a target valuation in the neighborhood of $15 billion for the offering. The company dominates a large share of UPI volume and is a top contender for the largest India tech IPOs of 2026.

What to watch: PhonePe’s IPO structure (largely an offer-for-sale), progress on narrowing losses, and investor appetite for large, growth-at-scale fintechs.

3) CRED — big revenue, narrowing losses

Why it matters: CRED continued to scale revenue in FY25 while trimming losses a sign that monetisation efforts are yielding results. The company reported sizable FY25 revenues and materially lower operating losses versus prior year, which positions it as a high-value fintech trying to convert scale into sustainable profitability.

What to watch: Product diversification (credit products, wealth, B2B offerings), margin improvement, and whether CRED can sustain revenue growth without outsized marketing spend.

4) Byju’s — once-dominant, now a cautionary case

Why it matters: Byju’s the company that once ranked as India’s most-valuable edtech startup — has faced serious legal and financial setbacks through 2024–25, including court rulings and insolvency proceedings. Recent legal developments have major implications for governance standards and investor protection in the Indian startup ecosystem.

What to watch: Outcomes of ongoing legal proceedings, recovery or restructuring plans, and how investors and founders adjust governance expectations after Byju’s turmoil.

5) Foodtech & travel giants: Zomato and Swiggy — scale + path to profit

Why they matter: Both companies are among India’s highest-profile consumer tech names. Zomato is a public company that has demonstrated the sector’s ability to scale revenues and improve unit economics; Swiggy has continued to expand product lines (groceries, instamart, logistics) and to tighten losses. These firms helped define investor expectations for foodtech unit economics. (sector context no single valuation cited here; see company filings for precise market caps / private valuations.)

What to watch: Food delivery break-even by unit and geography, profitability from adjacent services (instacart/grocery, cloud kitchens), and margin improvement.

6) D2C & quick commerce names: Zepto, Meesho, and D2C challengers

Why they matter: Quick commerce and D2C brands captured large private capital pools in prior years. Some firms doubled down on path-to-profit playbooks; others saw valuation resets. The segment remains capital-intensive but crucial for FMCG and retail distribution innovation.

What to watch: Cash burn per order, retention & repeat rates, and consolidation / M&A among smaller D2C players.

7) Fintech & wealth platforms: Groww, Zerodha (market leaders)

Why they matter: Wealthtech and retail brokerage firms continued to grow transaction volumes and revenues as India’s retail participation in capital markets expanded. Some firms prepared secondary liquidity events or public listings, which lifts valuations across the sector.

What to watch: Revenue diversification (mutual funds, direct equities, subscription), regulatory changes affecting broking margining, and IPO/secondary windows.

Macro trends shaping 2025–26 valuations

1. IPO wave & public comparables. Several large startups (or soon-to-be-public firms) notably PhonePe and Razorpay are moving toward listings. Successful public debuts can re-rate private valuations and unlock liquidity for founders & early backers.
2. Profitability and unit economics matter more. Investors are shifting from “growth at any cost” to disciplined growth: margin improvement, lower cash burn and path-to-profit are frequently required by new rounds or IPO prospectuses.
3. Regulation is a growing risk and catalyst. Payments regulation, digital lending rules, and corporate governance scrutiny (highlighted by high-profile cases) are changing how investors price risk. The Byju’s saga is a reminder that governance failures can erase value fast.
4. Consolidation in crowded categories. Quick commerce, D2C fashion and some fintech verticals are seeing M&A, larger players acquiring talent/tech rather than competing solely on cash burn.
5. The unicorn club remains large but recalibrated. India’s count of unicorns kept rising into 2025, but headline valuations are now judged against profitability and realistic IPO comparables. Industry trackers reported well over 100 Indian unicorns in recent months, underscoring scale but also the need for differentiation.

What investors and founders should be watching now

• Credibility of public filings and governance: investors are reading prospectuses and RoC filings more carefully; governance lapses can have outsized consequences.
• Capital efficiency over chase for market share: companies that show improving unit economics attract better late-stage terms.
• Timing of IPOs and secondary windows: Razorpay and PhonePe are the names most likely to reshape public perception of India tech with large IPOs.
• Regulatory clarity in payments and lending: policy moves will materially affect business models and valuations in fintech.

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Scale and Revenue

MakeMyTrip remains significantly larger in absolute size. In Q3 FY26, the company reported $295 million (around Rs 2,450 crore) in revenue, driven primarily by air ticketing, hotels, and holiday packages across India and international markets.

Ixigo, on the other hand, reported Rs 317.6 crore in revenue during the same quarter. While much smaller in scale, Ixigo’s 31% year-on-year growth highlights its strong momentum in the domestic travel segment, especially among value-conscious and rail-first users.

Profitability: A Key Differentiator

One of the biggest contrasts between the two companies lies in profitability.

Ixigo reported a net profit of Rs 24 crore in Q3 FY26, marking a 55% increase from the previous year. The company has consistently focused on cost control, product-led growth, and strong unit economics.

MakeMyTrip, despite its larger size, reported a loss of $7 million in Q3 FY26, although this represented a 74% reduction in losses compared to the previous year. The improvement reflects better margins and operating efficiency, but profitability remains a work in progress.

Business Model and Revenue Mix

Ixigo’s business is railway-ticketing led, with train bookings contributing 42% of its operating revenue. Flights and bus bookings account for 32% and 24% respectively. This rail-first approach gives Ixigo access to a massive domestic user base and steady transaction volumes.

MakeMyTrip operates a broader, higher-value model, with a strong focus on flights, hotels, holiday packages, and international travel. Its hotel and holiday segments deliver higher ticket sizes but also involve higher customer acquisition and operational costs.

Cost Structure and Efficiency

Ixigo’s relatively lean structure allows it to scale without excessive marketing spends. In Q3 FY26, its employee benefit expenses rose 15%, while total costs increased broadly in line with revenue growth, enabling profit expansion.

MakeMyTrip continues to invest heavily in branding, technology, and global operations. While this supports long-term leadership, it also weighs on near-term profitability.

Market Valuation and Investor Perception

Ixigo closed the quarter with a market capitalisation of around Rs 10,320 crore ($1.1 billion), reflecting investor confidence in its profitable growth model.

MakeMyTrip, listed on NASDAQ, commands a much higher valuation, driven by its scale, global footprint, and leadership position, even as it works toward sustained profitability.

Who Is Better Positioned?

• Ixigo stands out for its profitability, strong rail dominance, and capital-efficient growth, making it attractive to investors focused on near-term earnings and disciplined expansion.
• MakeMyTrip remains the undisputed market leader, with unmatched scale and international reach, positioning it well for long-term dominance once profitability stabilises.

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According to the company’s unaudited financial results filed with the National Stock Exchange, Ixigo’s revenue from operations rose 31% year-on-year to Rs 317.6 crore in Q3 FY26, compared to Rs 242 crore in the same quarter last year.

Train Ticketing Remains Key Growth Driver

Train ticketing continued to be Ixigo’s largest revenue contributor during the quarter, accounting for 42% of operating income. Revenue from this segment increased to Rs 134 crore, up from Rs 120 crore a year ago, underlining the platform’s strong positioning in rail bookings.

Flight bookings contributed 32% of overall revenue, while bus ticketing made up 24%, highlighting the company’s diversified travel services portfolio and balanced growth across categories.

Other Income Lifts Total Earnings

In addition to its core operations, Ixigo earned Rs 16.5 crore through interest income and gains from financial assets during the quarter. This pushed the company’s total income to Rs 334 crore for the three months ended December 2025.

Costs Rise, Profitability Improves

While the company did not disclose a detailed cost breakup, employee benefit expenses rose 15% year-on-year to Rs 45 crore, reflecting ongoing investments in talent and technology. Overall expenses increased 32% to Rs 296 crore in Q3 FY26, compared to Rs 224 crore in Q3 FY25.

Despite higher costs, Ixigo significantly strengthened its bottom line. Net profit climbed 55% to Rs 24 crore, up from Rs 15.5 crore in the corresponding quarter last year, indicating improved operating leverage.

ESOP Grant and Market Position

During the quarter, the company approved the grant of 98,944 stock options under its ESOP schemes (2013, 2016, and 2021). Based on the prevailing share price, the ESOP allocation is valued at approximately Rs 2.3 crore.

In the broader travel-tech space, competitor MakeMyTrip reported revenue of $295 million in Q3 FY26, while narrowing its losses by 74% to $7 million, highlighting improving fundamentals across the sector.

Market Capitalisation

Ixigo’s shares closed at Rs 235 on Thursday (January 22), valuing the Gurugram-based company at a market capitalisation of Rs 10,320 crore, or roughly $1.1 billion.

With consistent revenue growth, rising profitability, and strong traction in rail and flight bookings, Ixigo’s performance in Q3 FY26 underscores its strengthening position in India’s competitive online travel market.

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According to its annual financial statements sourced from the Registrar of Companies (RoC), Snitch’s revenue from operations surged to Rs 498 crore in FY25, up from Rs 241 crore in FY24, underscoring sustained demand for its affordable, trend-driven men’s apparel and accessories.

Strong Revenue Growth Driven by Core Apparel Business

Founded in 2020 by Siddharth Dungarwal, Snitch sells men’s clothing and accessories primarily through its own website and mobile app. Income from apparel and accessories remains the company’s sole revenue stream, though it has recently expanded into the quick commerce segment to improve delivery speed and customer reach.

The brand’s digital-first strategy and rapid product refresh cycles have helped it maintain momentum in a highly competitive D2C fashion landscape.

Rising Costs Accompany Rapid Scale

On the expense side, procurement costs remained the largest cost centre, accounting for nearly 45% of total expenditure. With expanding scale, procurement expenses more than doubled to Rs 230 crore in FY25.

Employee benefit expenses stood at Rs 65 crore, while advertising and marketing costs rose to Rs 83 crore, reflecting continued investments in brand visibility and customer acquisition. Additional overheads, including rent, marketplace commissions, logistics, and technology costs, pushed overall expenses to Rs 508 crore in FY25, compared to Rs 236 crore in FY24.

Losses Contained Despite Doubling Scale

Despite the sharp rise in costs, Snitch managed to keep losses under control, staying close to breakeven in FY25. This follows a Rs 4 crore profit reported in FY24, highlighting the company’s improving operating discipline even as it scales rapidly.

For FY25, Snitch reported EBITDA margins of -1% and ROCE of -5.8%. On a unit economics basis, the company spent Rs 1.02 to earn every rupee of revenue, signalling near-operational balance. As of FY25, its total current assets stood at Rs 226 crore, providing liquidity support for ongoing expansion.

Funding and Competitive Landscape

According to startup data intelligence platform TheKredible, Snitch has raised over $53 million to date, including a $40 million Series B round led by 360 ONE Asset in June last year.

Snitch operates in an increasingly crowded D2C fashion market, competing with brands such as The Souled Store, which reported 36% revenue growth to Rs 492 crore in FY25. It also faces competition from Rare Rabbit, which recently raised $6 million from A91 Partners and is targeting Rs 1,000 crore in revenue, and Wrogn, which secured $9 million in funding from Aditya Birla Digital Fashion.

As competition intensifies, Snitch’s ability to balance growth with profitability will be closely watched by investors and industry observers alike, especially as the brand pushes toward sustainable scale in India’s fast-evolving D2C fashion ecosystem.

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The decision comes after 14 years of operating with its parent entity incorporated in Singapore and is seen as part of a broader strategy to streamline operations, improve regulatory compliance, and prepare for a potential public listing in India.

Strategic Realignment Ahead of IPO

Sources close to the development indicate that the restructuring is aimed at aligning the company’s corporate structure with its predominantly India-based operations. This strategic shift is expected to ease the complexities around regulatory compliance in India and better position Flipkart for its long-anticipated Initial Public Offering (IPO), which could take place within the next 12 to 18 months.

Walmart, which acquired a 77% stake in Flipkart in 2018 and has since increased its shareholding to approximately 85%, is believed to be planning Indian stock market listings for both Flipkart and digital payments firm PhonePe. Flipkart was last valued at $36 billion, and its IPO is expected to set new benchmarks in India’s capital markets.

Industry-Wide Trend

Flipkart’s decision to redomicile follows a growing trend among Indian startups opting to move their legal domicile back to India. In recent years, high-profile firms such as PhonePe, Razorpay, Pine Labs, and Zepto have either completed or initiated similar moves.

This growing “reverse flip” trend is being fueled by a combination of factors, including:

• Favourable capital markets for tech IPOs in India
• Pro-business government reforms and incentives
• Rapid acceleration of digital adoption and infrastructure

Industry analysts view Flipkart’s move as a strong vote of confidence in India’s regulatory framework and long-term economic potential.

Government Encouragement

The Indian government has also been encouraging startups and unicorns to re-establish their legal entities in India through various incentives and policy frameworks under the “Startup India” initiative. These policies aim to enhance capital formation within the country and strengthen the domestic innovation ecosystem.

Outlook

As India emerges as a key global startup hub, Flipkart’s return marks more than just a corporate restructure—it is being seen as a strategic repositioning to leverage India’s growing capital market depth and digital economy momentum.

The move reinforces India’s evolution from being a consumer market to becoming a central launchpad for global innovation and entrepreneurship.

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