Zepto Files UDRH, GPS Renewables Bags ₹635 Cr & More
Zepto filed updated IPO papers as Curefoods slowed its listing push. The roundup also flags fresh funding, debt and acquisitions across Indian startups.
Intelligence analysis by GPT-5.4 Mini
Inc42’s daily brief frames a split in India’s startup market: Zepto is pushing ahead with a large IPO even as Curefoods delays its plan. The rest of the roundup tracks capital raises, debt, acquisitions and expansion bets across startups.
The story is like a race where one runner, Zepto, keeps sprinting toward the stock market, while another, Curefoods, slows down to check the road. At the same time, other startups are getting money, buying rivals, or borrowing to grow.
Analysis
Zepto and the IPO mood
Inc42 says Zepto has filed updated draft papers for an IPO with a fresh issue of ₹8,010 Cr and an offer-for-sale by existing investors. The company plans to use the money to expand its dark store network, invest in subsidiaries and pursue inorganic growth. The article notes that this comes despite widening losses of ₹5,905.2 Cr in FY26, even as operating revenue more than doubled to ₹22,623.6 Cr.
The same roundup uses Curefoods as the counterexample. It says the company has slowed its IPO plan amid valuation concerns and weak alignment with mutual funds and institutional investors. Curefoods reportedly had a loss of ₹170 Cr on operating revenue of ₹745.8 Cr in FY25 and had been seeking a valuation of around ₹4,000 Cr.
Other startup deals and fundraises
The brief also says Klassroom is preparing for an IPO on the BSE SME platform in Q2 FY27, with funds meant for content, tech and partnerships. GPS Renewables raised about $66.4 Mn, or ₹635 Cr, in a Series C round led by Sojitz Corporation to expand its compressed biogas projects and scale its GPSR Arya platform. The company says it has around 30 operational or near-complete projects and recently won an EPC contract from NTPC.
Incuspaze acquired iKeva in a move it says will add workspace and revenue and help standardise services across locations. Aye Finance approved up to $15 Mn of non-convertible debentures with pledged loan assets and receivables as security. Immuneel Therapeutics raised ₹100 Cr from new and existing backers to scale manufacturing, advance its cell and gene therapy pipeline and expand geographically.
Overall, the story reads like a snapshot of a market where growth capital is still available, but public-market discipline is forcing startups to show stronger business fundamentals.
Key points
- Zepto filed updated IPO papers for a ₹8,010 Cr fresh issue and an offer-for-sale.
- Curefoods has slowed its IPO plans after valuation and investor-alignment concerns.
- GPS Renewables raised about $66.4 Mn, or ₹635 Cr, in a Series C round led by Sojitz.
- Incuspaze acquired iKeva, while Aye Finance approved up to $15 Mn in debentures.
- Immuneel Therapeutics raised ₹100 Cr to scale manufacturing and its cell and gene therapy pipeline.
If Zepto’s growth keeps holding up, the IPO could give it cash to add more dark stores and fund new bets. GPS Renewables, Aye Finance and Immuneel could use fresh money and financing to expand projects, lending and medical capacity.
The article also shows how valuation gaps and profit concerns can delay listings, as Curefoods’ IPO pause suggests. Zepto’s large losses mean investor appetite could weaken if growth does not translate into better margins over time.
