IPO InsightsDRHP Filed · June 8, 2026

Zepto IPO

India's fastest-growing quick commerce platform files for ₹8,010 Cr+ IPO. Here's everything you need to know before it opens.

Fresh Issue Size

₹8,010 Cr

+ OFS of 11.35 Cr shares

Revenue FY26

₹22,624 Cr

+104% YoY

Orders/Day (Q4'26)

23.3 Lakh

+70% YoY

Dark Stores

1,139

Across 66 cities

+10% YoY

Net Loss FY26

₹5,905 Cr

Growing

Revenue Trajectory

From ₹4,455 Cr in FY24 to ₹22,624 Cr in FY26 — tripled in 2 years

NRV (Net Receivable Value) = gross order value net of discounts + fees + ad income. Ad revenue growing fastest at 151% YoY — high-margin lever.

Quarterly Revenue Acceleration

Q4 FY26 revenue at ₹7,498 Cr — annualises to ₹30,000 Cr run rate

EBITDA Improvement Story

Loss per order fell from -₹171 in Q3 FY25 to -₹59 in Q4 FY26 — 65% improvement

-₹79

EBITDA/Order FY26

-₹136

EBITDA/Order FY25

42% better

YoY improvement

Order & User Growth

640 million orders in FY26, CAGR of ~119% since FY24

Competitive Landscape

Zepto vs Blinkit vs Instamart — FY26 annual data

Zepto

This IPO

Total Orders FY26

640M

Dark Stores

1,139

EBITDA per Order

₹-79

Revenue Growth YoY

+104%

Blinkit

Total Orders FY26

917M

Dark Stores

2,243

EBITDA per Order

₹-3

Revenue Growth YoY

+625%

Instamart

Total Orders FY26

412M

Dark Stores

1,143

EBITDA per Order

₹-85

Revenue Growth YoY

+81%

Blinkit (Zomato) at near-breakeven per order with 2x more dark stores highlights the execution gap Zepto needs to close post-listing.

Key Operating Snapshot

Latest quarter: Q4 FY26 (Jan–Mar 2026)

Median Delivery

12.35 min

Q4 FY26

↑ from 10.57 min

SKUs per Store

49,602

Q4 FY26

+4x vs FY24

Delivery Partners

2.87 Lakh

Avg Q4 FY26

+141% YoY

Ad Revenue

₹543 Cr

Q4 FY26 alone

+83% YoY

OPD per Store

2,140

Q4 FY26

+50% YoY

Cities

As of Mar 31, 2026

+6x vs FY24

Closing Cash + Inv.

₹5,681 Cr

FY26

IPO Fresh Issue

₹8,010 Cr

To fund growth

Pre-IPO: ₹1,602 Cr

Bull Case vs Bear Case

Before you decide, weigh both sides

✓Fastest growing QComm platform: 119.5% CAGR in orders FY24–26
✓Revenue 2x'd to ₹22,624 Cr in FY26 alone
✓Adj. EBITDA/order improved 42%: from -₹136 (FY25) to -₹79 (FY26)
✓Q4 FY26 EBITDA margin improved to -15.3% — best ever quarter
✓Ad revenue up 151% YoY to ₹1,636 Cr — high-margin monetisation layer
✓48M annual transacting users across 66 cities, 1,139 dark stores
✓India retail market ₹91 trillion, QComm projected to grow to 26–30% share by 2030

Key Risk Factors

From the DRHP — material risks to watch

High

Persistent Losses

Net loss of ₹5,905 Cr in FY26. Cumulative losses of ~₹11,810 Cr. No clear path to GAAP profitability disclosed.

High

Blinkit Gap

Blinkit (Zomato) already near EBITDA breakeven at -₹3/order vs Zepto's -₹79/order and has 2x more dark stores.

Medium

CCI Investigation

AICPDF filed anti-competitive conduct complaint. CCI has not initiated formal investigation yet, but risk remains.

Medium

Gig Worker Regulations

Heavy reliance on 286,670 delivery partners. Evolving labour laws could materially increase cost structure.

Low

Valuation Risk

WACA of last private round at ₹37.74/share. IPO price band not yet disclosed. Key risk is premium to last round.

IPO Structure

How the money flows

Offer Breakdown

Fresh Issue

Company receives funds

₹8,010 Cr

Offer for Sale

Selling shareholders exit

11.35 Cr shares

Pre-IPO Placement

Reduces fresh issue

Up to ₹1,602 Cr

Employee Reservation

For Zepto employees

Up to 5% of post-IPO cap

Use of Proceeds (Fresh Issue)

Dark Store Expansion

Fund new store capex & opex

Technology Investment

In-house tech stack, AI infra

Working Capital

Ongoing operations funding

General Corporate

Brand, supply chain, overheads

Market Opportunity

Source: Redseer Report (commissioned by Zepto)

India Retail Market

₹91 Lakh Cr

CY2025 estimate

QComm % of Online Retail

~13%

CY2025 (was 3% in CY2022)

Growing fast

QComm Projected Share

26–30%

By CY2030

2x+ from today

Online Grocery Share

>67%

Via quick commerce now

Note: Market data from Redseer Report exclusively commissioned and paid for by Zepto. Treat with appropriate caution as it may be optimistic.

Leadership

Aadit Palicha

Co-Founder & CEO

Stanford dropout. Founded Zepto at 19. Promoter with significant equity stake.

Kaivalya Vohra

Co-Founder & CTO

Stanford dropout. Leads product and technology. Built the in-house tech stack including Zepto GPT.

⚡

Rivo's Take

Zepto is a genuine growth story — revenue doubled, orders grew 93%, and EBITDA/order improved 42% in FY26. The ad revenue ramp (₹1,636 Cr at 151% growth) is a strong early sign of monetisation maturity.

The risk is clear: Blinkit is already near-breakeven with 2x more stores, and Zepto is burning ₹5,900+ Cr per year. Price discovery at the IPO will be key — a demanding valuation leaves little room for error.

This is for informational purposes only and not investment advice. Always read the full DRHP before making any investment decision.