India, Dec. 6 -- Quick commerce unicorn Zepto has reportedly received board approval to convert the private company into a public entity.

The resolution "to approve the conversion from private limited company to public limited company" was cleared by shareholders on November 21, news agency PTI reported citing a regulatory filing.

However, Inc42 could not find any related regulatory filings on the Registrar of Companies' website as of 1 AM on December 6. For the uninitiated, converting into a public entity is the first step towards an initial public offering (IPO).

Sources reportedly told the news agency that Zepto plans to file its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) ...