Adds details and background to recast throughout

By Kanjyik Ghosh and Haripriya Suresh

June 8 (Reuters) - Indian quick commerce company Zepto KIRK.NS is looking to raise up to $837 million in its initial public offering, updated draft papers showed on Monday, setting the stage for one of the country's most anticipated listings this year.

Zepto confidentially filed for a 110 billion rupee ($1.15 billion) IPO in December, without disclosing financials and other details, intensifying a battle with listed rivals Eternal ETEA.NS and Swiggy SWIG.NS in the fast-growing market.

Quick commerce firms are betting heavily on India's growing urban consumer base as customers increasingly opt for 10-minute deliveries for everything from groceries to electronics.

Zepto plans to use proceeds from the IPO to expand its network of dark stores — compact warehouses in densely populated neighborhoods, invest in technology as well as cloud infrastructure and to fund acquisitions.

Zepto is selling new shares worth up to 80.1 billion rupees. Existing investors including Nexus Ventures and Contrary ZEP Holdings will sell up to 113.5 million shares in the offering, the updated filing on Monday showed.

It was not immediately clear what valuation Zepto, which also competes with Amazon AMZN.O, Walmart's WMT.O Flipkart and Tata Group-backed BigBasket, is targeting through the offering. The firm was valued at $7 billion in its last funding round in October, when it raised $450 million.

Zepto is targeting a July listing, the Economic Times reported, citing sources. The company did not immediately respond to Reuters' request for comment on the report.

It said revenue more than doubled to 226.24 billion rupees in the year ended March 31, while losses widened to 59.05 billion rupees from 47 billion rupees as expenses soared.

Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial and IIFL Capital are managing the IPO.

($1 = 95.7075 Indian rupees)