New Delhi, Dec. 29 -- India's quick commerce race is steadily shifting from private capital to public markets. Zepto, one of the category's fastest-scaling players, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering exceeding $1.3 billion, according to sources.

The Aadit Palicha-led company is looking to raise around INR 11,000 crore through a fresh issue of shares, with the proposed IPO also expected to include an offer for sale by early investors. The move marks Zepto's most decisive step yet toward tapping public capital as competition in quick commerce intensifies.

Zepto received shareholder approval for the IPO at an extraordinary general meeting held on Decem...