Zepto Files UDRHP, GPS Renewables Bags ₹635 Cr & More

Zepto’s ₹8,010 Cr Fresh Issue

A dilemma over making the public market move seems to have gripped India’s startup ecosystem lately. While companies such as PhonePe and Curefoods have slowed their IPO plans amid valuation concerns and cautious investor sentiment, quick commerce major Zepto is charging ahead with its stock market debut. 

Betting Big Despite Losses: Weeks after receiving SEBI’s approval, Zepto has filed its updated draft papers for an IPO comprising a fresh issue of ₹8,010 Cr and an offer-for-sale by existing investors. The company plans to use the proceeds to expand its dark store network, invest in its subsidiaries and pursue inorganic growth opportunities.

Zepto’s IPO push comes at a time when public market investors are increasingly prioritising profitability and predictable cash flows. Yet, the startup’s losses widened 26% year-on-year to ₹5,905.2 Cr in FY26. However, the silver lining is its operating revenue, which more than doubled to ₹22,623.6 Cr.

A Test For Public Markets: Zepto’s decision to proceed highlights a growing divide among late-stage startups. While some are choosing to wait for better market conditions and valuation clarity, others are betting that investors will continue to back category leaders with strong growth trajectories, even if profitability remains elusive.

The Not-So-Confident Lot:  Meanwhile, startups like Curefoods are fighting shy of making the IPO move. Sitting on a loss of ₹170 Cr against an operating revenue of ₹745.8 Cr in FY25, the company last sought a valuation of about ₹4,000 Cr for its stock market debut. As expected, mutual funds and institutional investors were not aligned with its expectations, making it difficult for the company to proceed on favourable terms. 

Amid mixed signals from Indian startups about their listing plans, Zepto has filed its updated draft IPO papers, and this is what it says.

From The Editor’s Desk

Klassroom All Set For IPO

• The edtech startup is planning to launch its initial public offering on the BSE SME platform in Q2 FY27. The startup has also received the in-principle approval from BSE in May to go ahead with its public offering.
• The startup’s proposed IPO comprises a fresh issue of up to 19.89 Lakh equity shares and an offer-for-sale component of up to 4.66 Lakh shares. Klassroom plans to use the funds to bolster content development and strengthen tech stack and partnership. 
• Founded in 2016, Klassroom operates a hybrid learning platform that combines offline coaching centres with an education OTT app. The startup claims to have more than 4 Lakh registered users, over 1 Lakh subscribers and a network of 30 partner centres.

GPS Renewables Bags ₹635 Cr 

• The cleantech startup has raised about $66.4 Mn in its Series C round led by Sojitz Corporation to accelerate its large-scale compressed biogas projects across India and scale its project development platform, GPSR Arya.
• Founded in 2012, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels. It converts agricultural residue, food waste and other organic feedstock into clean fuels such as CBG, ethanol and aviation fuel.
• GPS Renewables claims to have an annual revenue of about ₹1,000 Cr. The startup said it has 30 operational or near-complete projects, and recently secured an engineering, procurement and construction contract from NTPC. 

Incuspaze Acquires iKeva

• The managed and coworking space provider has acquired a 100% stake in the Hyderabad-based startup for an undisclosed amount. Incuspaze said the acquisition is expected to add nearly ₹100 Cr to its revenue and 5 Lakh square feet of workspace.
• According to Incuspaze, the acquisition will help improve operational efficiency, strengthen technology capabilities, generate revenue synergies and standardise services across locations.
• Founded in 2016, Incuspaze currently operates more than 50 offices across 18 cities, with a portfolio spanning over 40 Lakh square feet. The IPO-bound startup also plans to expand its footprint by another 5 Lakh square feet in FY27.

Aye Finance Eyes $15 Mn Debt

• The NBFC’s board has approved the issuance of non-convertible debentures of up to $15 Mn on a private placement basis, with a face value fixed at ₹1 Lakh per debenture. The securities will be allotted on June 25, with a maturity tenure of five years.
• For the fundraise, Aye Finance will provide investors with security in the form of pledged loan assets and receivables. The company will commit to maintaining the value of these pledged assets at a minimum of 1.1X the outstanding debenture amount at all times.
• Aye Finance is in the business of processing and providing business loans to MSMEs across India. For the full FY26, the NBFC’s PAT increased 13% YoY to ₹193.6 Cr, while its operating revenue jumped 24% YoY to ₹1,814.7 Cr. 

Immuneel Therapeutics Bags ₹100 Cr

• The biotech startup has received backing from Singularity AMC, Rainmatter, while existing backers founder Kiran Mazumdar-Shaw, Eight Roads Ventures, F-Prime Capital doubled down on their bets. The biotech startup has now raised $38 Mn in funding till date.
• It intends to deploy the freshly raised funds towards scaling its manufacturing capacity, advancing its next-gen deeptech cell and gene therapy pipeline and expanding its geographical footprint.
• Founded in 2018, Immuneel offers affordable cancer therapy with its cell and gene therapies such as chimeric antigen receptor T (CAR-T) cell therapy in India to fight cancer. Available CAR-T technology is for blood cancers—specifically leukemia, lymphoma, and multiple myeloma.

Inc42 Markets

Inc42 Startup Spotlight

How Adiabatic Tackles Thermal Stress In EV Batteries

As electric vehicles gain ground in India, heat remains a silent disruptor. Battery packs often overheat under heavy usage, leading to safety risks, faster degradation, and inconsistent range. Adiabatic is building battery systems that stay stable in the country’s tropical climate.

Built For Tropics: Founded in 2022, Adiabatic develops lithium-ion battery packs for electric two-wheelers, three-wheelers, e-cycles, and drones. It focuses on engineering batteries that can perform reliably for Indian use cases such as high-temperature and high-load environments.

The Intelligent Stack: At the core of Adiabatic’s offering is its proprietary battery management system. Connected via smartphone, it enables real-time monitoring of temperature and battery health, allowing users and operators to detect risks early and optimise performance. This added visibility helps extend battery life and improve safety.

Scaling Deployments: The startup claims to have already deployed over 15,000 battery packs and works with more than 25 OEM partners, serving upwards of 200 customers. Its 6,000 sq ft manufacturing facility in Ahmednagar underpins its production and supply capabilities. Going forward, Adiabatic plans to scale production and deepen market penetration.

Operating in the homegrown EV battery market, which is projected to cross $16 Bn by 2034, can Adiabatic disrupt India’s battery stack with its temperature-first approach?

Infographic Of The Day

Gold-plated jewellery, lab-grown diamonds and Gen Z spending habits are building India’s next jewellery wave. So, who is leading the demi-fine jewellery category in the country?

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