Quick Take:
- Zepto IPO: Rs 11,000 Cr ($1.3 Bn) confidential DRHP filed; $7 Bn valuation; targeting Jul–Sep 2026 listing
- Jio IPO: $130–170 Bn valuation; 2.5% stake sale could raise $4–4.5 Bn; H1 2026 target
- Combined Impact: Over $137 Bn in potential market cap hitting Dalal Street this year
- Key Bankers: Morgan Stanley, Goldman Sachs, Kotak, Axis Capital lead both mandates
- What’s Next: Jio’s DRHP expected by Q1 2026; Zepto’s public filing after SEBI feedback
Quick commerce unicorn Zepto has filed a confidential DRHP with SEBI for a Rs 11,000 Cr ($1.3 Bn) IPO at a $7 Bn valuation, while Reliance Jio Platforms prepares for what could be India’s largest-ever listing at a valuation of $130–170 Bn — marking 2026 as the defining year for Indian capital markets.
These two listings could reshape investor sentiment for the entire Indian tech and digital sector. Zepto’s IPO will be the first pure-play quick commerce listing, while Jio’s debut positions India as a global magnet for large-cap tech capital — something domestic and foreign institutional investors will watch with intense focus.
StartupFeed Insight
What the numbers say: India’s 2026 IPO pipeline could surpass $25 Bn in total issuance. Zepto and Jio alone account for over $5 Bn in fresh capital, suggesting institutional appetite for Indian digital assets remains strong despite global macro headwinds.
What this means for you:
- If you’re a founder: Large institutional capital is accessible, but SEBI scrutiny on loss-making tech firms means governance readiness matters more than growth alone
- If you’re an investor: Quick commerce valuations may see 20–30% upside from IPO pricing as public market scarcity premiums kick in
- If you’re an employee: Zepto’s $527 Mn ESOP pool and Jio’s listing could unlock wealth creation for thousands of staffers in 2026
Our prediction: Jio will list first in H1 2026 with a $150 Bn+ valuation, making it India’s largest-ever IPO. Zepto will follow in Q3 2026 at a $8–10 Bn valuation, riding the post-Jio listing euphoria. Together, these two deals will pull $6–8 Bn of fresh capital into Indian public markets by December 2026.
Zepto: The Quick Commerce Unicorn Racing to List
Zepto filed its confidential DRHP with SEBI on December 26, 2025, seeking to raise approximately Rs 11,000 Cr through a mix of fresh equity and an offer for sale by early investors. The company received shareholder approval at an extraordinary general meeting on December 23, clearing the path for its public market debut.
Founded in 2021 by Stanford dropouts Aadit Palicha and Kaivalya Vohra, Zepto has raised $1.8 Bn (Rs 16,000 Cr) to date from marquee investors. Its most recent round — $450 Mn led by CalPERS in October 2025 — pegged the valuation at $7 Bn.
The company targets a listing between July and September 2026, which would make it the youngest Indian startup to go public at just four years old. Morgan Stanley, Goldman Sachs, Axis Capital, HSBC, JM Financial, IIFL Securities, and Motilal Oswal are advising on the offering.
Zepto: Key Numbers at a Glance
| Metric | Details |
| Valuation | $7 Bn (Rs 61,500 Cr) |
| IPO Size | Rs 11,000 Cr ($1.3 Bn) |
| FY25 Revenue | Rs 9,669 Cr (+129% YoY) |
| FY25 Net Loss | Rs 3,367 Cr (tripled YoY) |
| Total Funding Raised | $1.8 Bn (Rs 16,000 Cr) |
| Dark Stores | 900+ across major Indian cities |
| Daily Orders | 17 Lakh+ |
| Gross Sales | Rs 26,000 Cr (annualized) |
| ESOP Pool | $527 Mn (Rs 4,630 Cr) |
| Target Listing | July–September 2026 |
Zepto: Funding Journey
| Round | Date | Amount | Lead Investor | Valuation |
| Seed | 2021 | $3.5 Mn | Global Founders | $15 Mn |
| Series A | Nov 2021 | $60 Mn | Nexus, Glade Brook | $225 Mn |
| Series B | Mar 2022 | $100 Mn | Y Combinator Continuity | $570 Mn |
| Series C | May 2022 | $200 Mn | StepStone Group | $900 Mn |
| Series D | Dec 2022 | $200 Mn | StepStone Group | $1.4 Bn |
| Series E | Aug 2023 | $200 Mn | StepStone Group | $1.4 Bn |
| Series F | Jun 2024 | $665 Mn | Glade Brook | $3.6 Bn |
| Series G | Aug 2024 | $340 Mn | General Catalyst | $5 Bn |
| Series H | Oct 2025 | $450 Mn | CalPERS | $7 Bn |
| Total | — | $1.8 Bn | — | $7 Bn |
Zepto vs Competitors: Quick Commerce War
| Player | Current Status | Why Zepto’s IPO Matters |
| Blinkit (Eternal) | Market leader; ~35% share; profitable stores | Zepto’s Rs 11,000 Cr war chest could fund 18 months of aggressive pricing in Blinkit’s strongholds |
| Swiggy Instamart | Listed Nov 2024; 22% market share | Another listed quick commerce peer validates the sector for public market investors |
| Amazon Fresh | Expanding via Flipkart Minutes model | Deep-pocket global competitor watching the IPO pricing to calibrate India investment |
| BigBasket (Tata) | Pivoting toward quick commerce | Tata’s corporate backing gives it staying power regardless of Zepto’s IPO outcome |
Reliance Jio: India’s Largest-Ever IPO Takes Shape
Reliance Jio Platforms, the telecom and digital arm of Reliance Industries, is preparing for a landmark IPO in H1 2026. Mukesh Ambani confirmed the timeline at the 48th Reliance Industries AGM in August 2025, calling it a move that would unlock value for shareholders and position Jio as a standalone global digital powerhouse.
The company is considering selling a 2.5% stake through the IPO. Investment bank Jefferies estimated Jio’s valuation at approximately $180 Bn in November 2025, while some bankers involved in preliminary discussions have pitched a range of $200–240 Bn. At the conservative $180 Bn figure, a 2.5% stake sale would raise $4.5 Bn (Rs 37,500 Cr) — surpassing Hyundai Motor India’s $3.3 Bn IPO in 2024 to become India’s largest-ever offering.
Morgan Stanley and Kotak Mahindra Capital are working with Reliance on drafting the IPO papers. Global investors including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority are expected to explore partial exits through the offering.
Jio: Key Numbers at a Glance
| Metric | Details |
| Expected Valuation | $130–170 Bn (up to Rs 14.1 Lakh Cr) |
| Stake on Offer | ~2.5% |
| Potential IPO Size | $4–4.5 Bn (Rs 33,000–37,500 Cr) |
| Annual Revenue | ~$17.6 Bn (Rs 1.46 Lakh Cr) |
| Subscribers | 500 Mn+ |
| Key Global Investors | Meta, Google, KKR, General Atlantic, Silver Lake |
| 5G Coverage | Nationwide (launched Sep 2024) |
| Digital Services | JioCinema, JioSaavn, JioMart, JioFiber |
| Target Listing | H1 2026 (subject to market conditions) |
Jio: Valuation Context vs Peers
| Company | Market Cap | Revenue | P/S Multiple |
| Jio Platforms (Expected) | $130–170 Bn | ~$17.6 Bn | 7.4–9.7x |
| Bharti Airtel (Listed) | ~$140 Bn | ~$16.8 Bn | ~8.3x |
| Vodafone Idea (Listed) | ~$5 Bn | ~$4.2 Bn | ~1.2x |
At the mid-range valuation of $150 Bn, Jio would trade at approximately 8.5x revenue — broadly in line with Bharti Airtel. The premium, if any, would be justified by Jio’s faster subscriber growth, AI infrastructure investments via Nvidia partnership, and its broader digital platform play beyond pure telecom.
Zepto vs Jio: The 2026 IPO Showdown
| Parameter | Zepto | Reliance Jio |
| Expected Valuation | $7–8 Bn | $130–170 Bn |
| IPO Size | ~Rs 11,000 Cr ($1.3 Bn) | ~Rs 33,000–37,500 Cr ($4–4.5 Bn) |
| IPO Type | Fresh Issue + OFS | Likely OFS (2.5% stake sale) |
| Sector | Quick Commerce | Telecom + Digital Platform |
| Revenue (Latest) | Rs 9,669 Cr (FY25) | ~Rs 1.46 Lakh Cr (FY25) |
| Profitability | Loss-making (Rs 3,367 Cr) | Profitable |
| Listing Timeline | Jul–Sep 2026 | H1 2026 |
| Lead Bankers | Morgan Stanley, Goldman Sachs, Axis | Morgan Stanley, Kotak |
| Filing Route | Confidential DRHP (filed Dec 2025) | Prospectus drafting underway |
| Founder Age | 22 years (Aadit Palicha) | 68 years (Mukesh Ambani) |
What’s Next: Key Triggers to Watch
| Trigger | Expected Timeline | Why It Matters |
| SEBI feedback on Zepto’s confidential DRHP | Q1 2026 | Could accelerate or delay public filing |
| Jio’s formal DRHP submission | Q1–Q2 2026 | Sets the stage for India’s largest IPO |
| SEBI minimum stake rule change (5% to 2.5%) | Pending Finance Ministry approval | Critical for Jio’s preferred 2.5% offering structure |
| Zepto’s store-level EBITDA disclosure | With public DRHP | Profitability path will determine IPO pricing |
| CCI antitrust probe outcome (Zepto) | 2026 | Adverse findings could weigh on sentiment |
The Bottom Line
2026 is shaping up as the most consequential year for Indian IPOs since the 2021 tech listing boom. Jio’s debut alone could raise more than the top five IPOs of 2025 combined, while Zepto’s listing will test whether Indian public market investors are willing to back a loss-making, high-growth quick commerce model at scale.
The real question is not whether these companies will list — both have crossed the point of no return on their IPO journeys. The question is at what price. For Jio, the answer depends on whether SEBI approves the 2.5% minimum stake proposal. For Zepto, it hinges on whether FY26 numbers show a credible path to profitability.
Will Zepto beat the clock to Dalal Street before Jio? Or will Ambani’s mega-listing overshadow the quick commerce upstart? Follow StartupFeed.in for every update as these two stories unfold.
Zepto, founded in 2021 by Aadit Palicha and Kaivalya Vohra, has raised $1.8 Bn to date from investors including CalPERS, General Catalyst, StepStone Group, and Glade Brook Capital. The Bengaluru-headquartered company operates 900+ dark stores delivering groceries in 10 minutes across 35+ Indian cities. Reliance Jio Platforms, a subsidiary of Reliance Industries, serves 500 Mn+ subscribers and has attracted investments from Meta, Google, KKR, and Silver Lake. Both companies are expected to list on BSE and NSE in 2026.
