Zepto joins OYO and PhonePe on India’s 2025 IPO watchlist
Inc42 identifies quick-commerce platform Zepto among the startups to watch for potential public-market listings in India, alongside OYO and PhonePe.
What happened
India is positioned for a major startup IPO year, with quick-commerce platform Zepto, hospitality company OYO and payments firm PhonePe identified as key
Why this matters
A public-market benchmark for Zepto could reset valuations across India’s quick-commerce ecosystem and shape partnership, acquisition, and consolidation opportunities for strategic buyers.
What to watch
- Zepto announces a pre-IPO funding round, secondary sale or revised valuation.
- Evidence that Zepto’s contribution margins remain positive after customer-acquisition and dark-store expansion costs.
- DRHP filing, appointment of IPO bankers, conversion to a public limited company or board/governance changes.
- Blinkit and Swiggy Instamart growth, market-share and profitability disclosures that reset sector comparables.
- Changes in Indian IPO-market appetite for high-growth consumer-internet companies.
- Regulatory scrutiny of dark stores, delivery labor practices, discounts or inventory models.
- Increase disclosure around annualized sales, order frequency, contribution margin and EBITDA trajectory to establish public-market credibility.
- Raise a late-stage or pre-IPO round that creates a valuation benchmark and extends cash runway.
- Expand dark-store density selectively in top cities while shifting promotions toward memberships, private labels and advertising revenue.
- Strengthen governance, auditor readiness, board independence and financial reporting required for IPO filing.
- Use a prospective listing narrative to negotiate better terms with brands, landlords, logistics partners and senior talent.