Daily Indian Funding Roundup & Key News - 22 May 2026: Zepto Eyes ₹11,000 Cr IPO, Innovaccer Buys CaduceusHealth, Swiggy Pivot Stalls
Today's Indian startup landscape is dominated by corporate developments rather than fresh funding rounds. Quick commerce leader Zepto is reportedly readying an ₹11,000 crore IPO by July, while healthtech unicorn Innovaccer has acquired US-based CaduceusHealth in its fifth buyout in two years. On the listed side, Info Edge posted a steady Q4 with profit up 12%, Walmart credited Flipkart for driving ecommerce growth, and Swiggy's bid to turn into an Indian-owned and controlled company fell short of the required shareholder vote.
Key Business News for 22 May 2026
Zepto Plans ₹11,000 Crore IPO By July
Quick commerce platform Zepto is reportedly planning to float its ₹11,000 crore, (~$1.1 billion) IPO before 31 July 2026. The Aadit Palicha-led company recently secured SEBI's approval and will file its updated draft red herring prospectus in the coming weeks. If the listing materialises, Zepto will become the third quick commerce startup to list, after Eternal and Swiggy. The unicorn operates nearly 1,255 dark stores across 61 cities and was last valued at $7 billion after raising $450 million in October 2025.
Innovaccer Acquires US-Based CaduceusHealth For $66 Mn
Healthtech unicorn Innovaccer has acquired the assets of US-based revenue cycle management provider CaduceusHealth in a deal reportedly valued at $66 million. The acquisition brings 200 employees and $5 billion in annual medical billing into Innovaccer's Flow platform, expanding it into full-stack revenue cycle management. This marks Innovaccer's fifth acquisition in two years as it deepens its AI-led automation play. The company, last valued at $3.2 billion, serves over 200 health systems and payers, including Kaiser Permanente and Banner Health.
Swiggy's Inventory Pivot Stalls After Failed Shareholder Vote
Swiggy shareholders have shot down the foodtech major's bid to become an Indian-owned and controlled company (IOCC), with the resolution securing 72.36% of votes against the required 75% threshold. The proposed amendment to its articles of association would have allowed Instamart to transition from a marketplace model to an inventory ownership model, similar to rival Eternal. The shift would have unlocked higher margins, better supply chain control, and direct procurement from brands. This is the first resolution Swiggy shareholders have voted down since its November 2024 listing.
Info Edge Q4 Profit Rises 12% To ₹756 Crore
Naukri parent Info Edge reported a 12% YoY rise in consolidated net profit to ₹755.7 crore for Q4 FY26, with operating revenue up 16% to ₹869 crore. For the full year, profit jumped 35% to ₹1,762.8 crore on revenue of ₹3,284.7 crore, and the board declared a final dividend of ₹3.60 per share. Recruitment vertical Naukri anchored growth with Q4 revenue up 14% to ₹541 crore, while 99acres turned profitable in the March quarter with ₹3 crore in profit. CEO Hitesh Oberoi flagged improving operating margins and deeper AI deployment across the company's businesses.
Flipkart Drives Walmart's E-commerce and Ad Growth In Q1 FY27
Walmart credited Flipkart and Flipkart Minutes for driving advertising momentum and improving profitability in its Q1 FY27 earnings call. Flipkart Minutes now operates more than 800 micro-fulfilment centres across over 30 Indian cities with average delivery times under 13 minutes. Walmart International's ecommerce sales jumped 27% YoY while advertising revenue rose 32%, helped by Flipkart's traction. The commentary comes amid reports that Walmart, which owns 80% of Flipkart, has asked the e-commerce major to prioritise EBITDA breakeven in FY27 and pause fundraising ahead of its deferred IPO.
Muskaan Kapoor
