Zepto’s IPO filing reveals fast growth, bigger losses, and a valuation question nobody’s answered yet

Indian quick-commerce startup Zepto has unveiled plans for an initial public offering that could be valued at about $1 billion, putting one of Y Combinator’s biggest bets outside the U.S. on the path to public markets. The filing, released Monday, offers a rare look at how one of India’s most closely watched startups plans to sustain its breakneck growth after listing. Zepto’s advertising revenue rose more than 151% year-over-year to ₹16.4 billion (about $171 million) in fiscal 2026, outpacing the company’s 104% increase in operating revenue to ₹115.5 billion (around $2.4 billion).

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