Zepto is moving ahead with an ₹11,000 crore IPO plan backed by confidential SEBI filings. FY25 revenue jumped 130% to ₹9,669 crore while net losses widened to ₹3,367 crore, heavy cash burn from expansion. The company has raised $1.8 billion and was valued near $7 billion in late-2025 fundraising. Investors will weigh EBITDA path, dark-store density, contribution margins, cash runway