India, May 8 -- Quick commerce major Zepto has received SEBI's approval for its proposed IPO. The Bengaluru-based startup is now expected to file its updated DRHP in the next six to eight weeks.

According to the latest update on the regulator's website, it issued an observation letter to the quick commerce startup earlier today. In SEBI's parlance, issuance of observation letter is a go ahead to proceed with the IPO.

The IPO size is expected to be around $1 Bn (about Rs.9,400 Cr), sources told Inc42. Earlier, sources told Inc42 that Zepto's IPO size would be around Rs.11,000 Cr to Rs.12,000 Cr (about $1.2 Bn). The proposed public issue is expected to largely comprise a primary capital raise, though the final issue size and pricing are y...