Delivery Startup Zepto Picks Axis Capital, Goldman Sachs, Morgan Stanley As Advisors: Report

Zepto, a quick commerce delivery startup,  has picked Axis Capital, Goldman Sachs, and Morgan Stanley as advisors for its planned initial public offering (IPO) in FY25, as per media reports citing sources. The IPO is planned for around August 2025, in the second half of fiscal year 2025. Although the offer for sale is still unclear, reported media.

The startup's most recent valuation was USD 5 billion. On 30 August, Zepto secured follow-on financing of USD 340 million led by US-based venture capital firm General Catalyst, just two months after raising a pre-IPO funding round of USD 665 million. This took its valuation to USD 5 billion.

Remarkably, CEO Aadit Palicha has often alluded to the fact that Zepto would need to relocate its headquarters from Singapore back to India in order to list here.

StepStone, Lightspeed, DST, and Contrary, among other current investors, upped their shares in the August round, while new investors Dragon Fund and Epiq Capital joined.

Zepto gained its unicorn status a year ago after raising USD 200 million at a valuation of USD 1.4 billion.

Reportedly, India’s quick-commerce market grew 77 per cent in 2023 to reach USD 2.8 billion in gross merchandise value (GMV), accounting for 5 per cent of India’s overall e-commerce market.