New Delhi, Nov. 7 -- Zeptois preparing to file confidential draft IPO papers with SEBI within weeks, aiming to raise $450-500 million and target a July-September 2026 listing. The Bengaluru quick-commerce firm says the issue will include fresh issuance and an offer-for-sale by early investors; Morgan Stanley is set to lead a syndicate including Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal. The company is also implementing cost reductions, including the cut of 800-900 roles, lower customer-acquisition spend, and a slowdown in dark-store expansion after a recent $450 million funding round and significant cash burn.

Zepto's move toward a confidential SEBI filing is both a financing step and a signal of ...