Indian quick commerce startup Zepto files for $1.2 billion IPO amid warnings of bubble in the sector [CNBC]
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Source: CNBC
Food delivery major Swiggy raised 100 billion rupees from institutional investors earlier this month to expand its quick commerce business. Rising losses raise concerns over sustainability and a potential sector bubble Zepto isn't the only quick commerce startup in India, and competition is heating up both domestically and globally. The country's online grocery market is set to be worth around $24 billion dollars by 2025, according to Redseer. Zepto Indian quick-commerce startup Zepto has confidentially filed for an initial public offering, according to a public notice issued by the company on Sunday. The company plans to raise 110 billion rupees ($1.22 billion) of fresh capital. Zepto was valued at $7 billion during its last funding round in October, data from research firm Tracxn showed. Zepto told CNBC it filed its draft prospectus under the confidential route, which keeps its filings private, and declined to disclose further details. Rising competition Quick comme
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