MUMBAI: Zepto’s $1 billion IPO is a step closer to hitting Dalal Street with markets regulator Sebi giving it a go ahead for the issuance, details published on its website showed. The company which rivals Eternal’s Blinkit and Swiggy Instamart in India’s $10-11 billion quick commerce market (in terms of GMV or sales before the deduction of any expenses) is targeting a listing sometime by July, said people in the know. Zepto declined to comment. The bulk of the IPO, it is understood, will be through a fresh issue of shares. The startup, last valued at $7 billion had filed for IPO through the confidential route in December last year and will now file updated papers in about six-eight weeks, sources said. Zepto which will join two of its listed competitors is heading to the bourses amid war-battered volatile markets which pushed its fintech peer PhonePe to pause its $1.3 billion IPO. The instant delivery market is led by Blinkit with over 40% share; Instamart and Zepto commands over 20% each, analysts said. Competition in the space has intensified with Flipkart and Amazon spending big to widen their footprint and gain market share. Over the years, five-year old Zepto has attracted a wide set of investors to its captable including a mix of global funds and local family offices as appetite to take a bite of the market grew amid rising consumer adoption. General Catalyst, Lightspeed Venture Partners, Haldiram Snacks family office and Motilal Oswal AMC are among its backers.