Zepto—an Indian quick commerce unicorn—plans to raise 80 billion rupees ($837 million) from its maiden share sale, which would be one of the largest IPOs in the country this year.

The Bangalore-based company plans to sell 113.5 million shares from existing shareholders and is considering a pre-IPO placement of up to 16 billion rupees worth of shares, according to a red herring prospectusreleased on Tuesday. Zepto, which is reportedly aiming to list next month, has yet to disclose the IPO details.

The company aims to use most of the IPO proceeds to expand its network of so-called dark stores or warehouses, particularly in densely populated areas. The company will also invest in technology and cloud infrastructure, and use part of the funds for acquisitions.

Zepto was founded in 2020 by Aadit Palicha and Kaivalya Vohra, who dropped out from Stanford University to start the company. It began as KiranaKart, a platform that helped neighborhood grocery stores sell online. After struggling to gain traction, the founders pivoted the business to focus on deliveries and rebranded it as Zepto in 2021. The following year, the cofounders were featured in Forbes’ 30 Under 30 Asia list.

Today, the company sells a wide range of products—from fresh produce to baby care items—and delivers these products within 10 minutes through its network of warehouses across India. As of March, Zepto operated 1,140 dark stores and 75 warehouses, serving nearly 48 million users.

Zepto’s net loss widened to 59 billion rupees ($617 million) in the year ended March 31, 2026 from 47 billion rupees the year earlier even as revenue more than doubled to 231 billion rupees amid intense competition. It competes with major players including Amazon India, as well as local rivals such as Swiggy, Zomato, and BigBasket, which is backed by the Tata Group.

The company raised $450 million in October in a funding round that valued the company at $7 billion, according to research firm Alternatives.pe. That funding round was led by the California Public Employees’ Retirement System. Other backers include U.S.-based Nexus Ventures, startup accelerator Y Combinator and Dubai-based Razor Ventures.