Zepto Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: Fresh Issue of ₹8,010 crore + OFS of up to 11.35 crore equity shares
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Zepto Limited

Incorporated in December 2020 as Kiranakart Technologies Private Limited, Zepto Limited has emerged as one of India’s leading quick commerce platforms, enabling ultra-fast delivery of groceries, fresh produce, FMCG products, electronics, personal care items, and other daily essentials through its technology-driven platform. The company operates a network of 1,139 dark stores across 66 cities in India and offers an average of 46,623 SKUs, ranging from fruits and vegetables to household electronics and cosmetics. Zepto has built a technology-driven ecosystem supported by its in-house warehouse management system, last-mile delivery platform, workforce management tools, demand forecasting models, and advertising engine. As of March 31, 2026, Zepto served 47.97 million Annual Transacting Users (ATUs) and processed an average of 2.33 million orders per day.

Zepto Limited IPO Overview

Zepto Limited’s initial public offering is a book-built issue comprising a fresh issue of up to ₹8,010 crore and an offer for sale of up to 11.35 crore equity shares by existing shareholders. The company confidentially filed its IPO papers with SEBI in December 2025 and received regulatory approval in May 2026. The company is targeting a July 2026 listing, which would make it the first standalone quick commerce company to list on Indian stock exchanges. The equity shares are proposed to be listed on both BSE and NSE. Axis Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Motilal Oswal Investment Advisors, HSBC Securities and Capital Markets (India), JM Financial, and IIFL Capital Services are the book-running lead managers. KFin Technologies Limited is the registrar of the issue. The company may undertake a pre-IPO placement of up to ₹1,602 crore, which would reduce the fresh issue size proportionately. Founders Aadit Palicha and Kaivalya Vohra are not selling any shares in the offer. The company’s shareholding pre-issue stands at 3,55,74,04,924 equity shares (post-split adjusted basis).

Zepto Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹8,010 crore + OFS of up to 11.35 crore equity shares
Fresh Issue	[●] shares (aggregating up to ₹8,010 crore)
Offer for Sale (OFS)	Up to 11,34,66,566 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	3,55,74,04,924 shares
Shareholding post-issue	12,60,31,95,213 shares

Zepto Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

 

 

Zepto Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

 

Zepto Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	(₹5.05)
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	(165.89%)
Net Asset Value (NAV)	₹2.95
Return on Equity (RoE)	(80.98%)
Return on Capital Employed (RoCE)	(60.47%)
EBITDA Margin	(20.32%)
PAT Margin	(26.10%)
Debt to Equity Ratio	0.45

 

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Expenditure for expansion of dark store network through setting up of new dark stores in existing and new geographies	16,289.75
Expenditure towards lease rentals of existing dark stores	17,349.41
Investment in technology and cloud infrastructure	13,247.83
Investment in subsidiary Zepto Marketplace for marketing and business promotion expenses	5,200.00
Funding inorganic growth through unidentified acquisitions and general corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

Zepto Limited Financials (₹ in Millions)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total Assets	135,101.07	138,001.29	28,982.68
Revenue from Operations	226,235.84	111,099.47	44,545.16
Profit After Tax	(59,051.92)	(46,997.14)	(12,147.94)
Reserves and Surplus	(22,487.94)	10,172.91	(39,509.48)
Total Borrowings	—	—	1,716.14
Total Liabilities	75,122.20	52,139.98	11,810.74

Financial Status of Zepto Limited

SWOT Analysis of Zepto Limited

Strengths and Opportunities	Weaknesses and Threats
Fastest-growing quick commerce platform in India with 119.4% order volume CAGR	Continued net losses of ₹5,905 crore in Fiscal 2026
Strong network of 1,139 dark stores across 66 cities	Heavy cash burn from aggressive expansion
Technology-driven business with in-house software and automation	High customer concentration and retention challenges
Large customer base with 47.97 million annual transacting users	Intense competition from Blinkit (46% market share)
Wide product portfolio of over 46,000 SKUs	ED summons to founders under FEMA investigation
Scalable supply chain and delivery network	Ongoing CCI inquiry into predatory pricing
Rapidly growing advertising business with ₹1,636 crore revenue	Negative cash flows since inception
Quick commerce market projected to reach $60-83 billion by 2030	Regulatory scrutiny on quick commerce sector
Share of quick commerce orders at ~35%	Dependence on third-party brand partners and merchants
Focus on operational efficiency and cost optimization	Profitability remains elusive with thin margins

Zepto Limited IPO Strengths

Fastest-Growing Quick Commerce Platform in India

Zepto Limited has emerged as the fastest-growing quick commerce platform in India in terms of order volume between Fiscal 2024 and Fiscal 2026 amongst scaled quick commerce platforms. During this period, Zepto’s order volume grew at a CAGR of approximately 119.50%, significantly outpacing industry growth, according to the Redseer Report cited in the DRHP. The company has increased its share of India’s quick commerce order market to approximately 35%. As of March 31, 2026, the company processed an average of 2.33 million orders per day.

Strong Network of Dark Stores Across 66 Cities

Zepto operates a network of 1,139 dark stores across 66 cities in India, with a weighted average of 49,602 SKUs per dark store geography. The company has indicated plans to set up 1,904 new stores. Dark stores form the backbone of Zepto’s operating model, enabling inventory to be stored closer to consumers and supporting rapid fulfilment of orders. Orders per store per day rose to 2,140 from 1,425 in the year-ago period, indicating higher throughput across its network.

Technology-Driven Business with In-House Software and Automation

Zepto has built an in-house end-to-end technology stack encompassing personalized engagement and user journey systems, warehouse management system, warehouse management platform, last-mile delivery platform, and a brand insights and advertising engine. The company is building several high-impact technology initiatives including AI-optimized inbound and picking, robotic automation, conversational commerce engine, and agentic AI software development lifecycle platform.

Large Customer Base with 47.97 Million Annual Transacting Users

As of March 31, 2026, Zepto served 47.97 million Annual Transacting Users (ATUs), representing a 25% year-over-year growth. The company’s applications have enabled seamless customer engagement across its platform. The company’s founder-led approach, with Aadit Palicha and Kaivalya Vohra involved in granular execution day-to-day, tracking and governing user experience, growth, and profitability metrics themselves, has been instrumental in Zepto’s growth.

Wide Product Portfolio and Rapidly Growing Advertising Business

Zepto offers an average of 46,623 SKUs ranging from fresh fruits and vegetables to household electronics and cosmetics. The company has deepened its user value proposition by expanding assortment into electronics, apparel and fashion, home and kitchen, general merchandise, and beauty products. Advertising revenue surged from ₹491.72 million in Fiscal 2024 to ₹6,512.41 million in Fiscal 2025 and achieved ₹16,357.26 million in Fiscal 2026. The advertising segment now constitutes 7.8% of Zepto’s Net Receivables Value.

Scalable Supply Chain and Delivery Network with Improving Unit Economics

Zepto has built a vertically-integrated fresh fruits and vegetables supply chain with collection centers in every major growing hub in India and a Farmer Partners Network across the country. Cost per order declined from ₹181 in Q2 FY26 to ₹128 in Q4 FY26. Adjusted EBITDA loss per order fell from ₹110 to ₹59, while free cash flow loss per order improved from ₹103 to ₹42 during the same period.

More About Zepto Limited

Business Overview

Zepto Limited was incorporated in December 2020 as Kiranakart Technologies Private Limited and renamed Zepto Private Limited in April 2025, before being converted into a public limited company in December 2025. The company operates a quick commerce platform that enables customers to order groceries and daily essentials through its digital ecosystem. Zepto is promoted by Aadit Palicha, Kaivalya Vohra, Lazarus Trust, The Vohra Trust, Kavit Palicha, and Jaideep Vohra. The company has its registered office in Mumbai and corporate office in Bengaluru.

Dark Store Network

As of March 31, 2026, Zepto operated 1,139 dark stores across 66 cities in India. The company processed an average of 2.33 million orders per day and increased its share of India’s quick commerce order market to around 35%. Orders per store per day rose to 2,140 in Q4 FY26 from 1,425 in the year-ago period.

Customer Base

Zepto served 47.97 million Annual Transacting Users (ATUs) as of March 31, 2026, representing a 25% year-over-year growth. The company processed approximately 640 million orders in Fiscal 2026.

Technology Platform

Zepto has built an in-house end-to-end technology stack encompassing personalized engagement and user journey systems, warehouse management system, warehouse management platform, last-mile delivery platform, and a brand insights and advertising engine. The company is currently building several high-impact technology initiatives including AI-optimized inbound and picking, robotic automation, conversational commerce engine, and agentic AI software development lifecycle platform.

Advertising Business

Zepto’s advertising revenue surged from ₹491.72 million in Fiscal 2024 to ₹6,512.41 million in Fiscal 2025 and achieved ₹16,357.26 million in Fiscal 2026. The segment now constitutes 7.8% of Zepto’s Net Receivables Value. The company launched “Zepto Atom” in May 2025, a service for Brand Partners giving them access to neighborhood-level market share data and a natural language processing tool called Zepto GPT.

Private Label Brands

Zepto has launched multiple private label brands, such as “Daily Good” for cooking essentials and staples, “Bay6” for general merchandise, and “Jai Kashi” for pooja essential products.

Industry Outlook

India Quick Commerce Market Overview

India’s quick commerce market has emerged as the fastest-growing major consumer internet category in the country. According to Zepto’s DRHP, the quick commerce market reached a Gross Merchandise Value (GMV) of approximately $11.3 billion in 2025. The company estimates that the industry could expand between 5-7x over the next five years, reaching a market size of $60-83 billion by 2030. Annual transacting users in quick commerce grew around 131% between 2024 and 2025, far outpacing ride hailing (6%), food delivery (6%), and broader online retail (15%).

Market Share Dynamics

As of Q4 FY26, Blinkit leads the quick commerce market with approximately 46% of all orders, followed by Zepto at 35%, and Instamart at around 19%. The market these three are competing over is worth about $11 billion — still less than 2% of India’s total grocery spend. Zepto has significantly narrowed the gap with Blinkit in terms of order volumes, reaching nearly 77% of Blinkit’s order volumes in the March quarter despite having approximately half its dark-store network.

Key Growth Drivers

• Increasing Urban Penetration: Quick commerce is rapidly expanding across tier 1 and tier 2 cities in India, with the top 50 cities by population size offering significant growth potential.
• Category Expansion: Quick commerce platforms are expanding beyond groceries into electronics, beauty, fashion, home essentials, and food delivery through cafe-led formats.
• High-Frequency Consumption: Quick commerce aligns closely with India’s consumption patterns, especially in grocery and household essentials, supporting high-frequency usage and habit-led engagement.
• Densification Strategy: Players are focusing on densification — launching more dark stores within the same neighborhoods as older stores reach capacity, reducing delivery distances and costs.

Competitive Landscape

The quick commerce market in India is concentrated among three major players: Blinkit (Eternal), Zepto, and Instamart (Swiggy). Blinkit leads in both scale and efficiency, while Zepto is growing rapidly but burning significant cash to gain market share. Tata-owned BigBasket, Flipkart Minutes, and Amazon Now are also present in India’s 10-minute delivery sector.

How Will Zepto Limited Benefit

• The company’s position as the fastest-growing quick commerce platform positions it to benefit from the quick commerce market projected to reach $60-83 billion by 2030, expanding 5-7x from current levels.
• The company’s 35% market share in quick commerce orders and its position as the closest challenger to market leader Blinkit provides significant scale to capture a larger share of the growing market.
• The company’s extensive dark store network of 1,139 stores across 66 cities provides a strong foundation for the planned expansion of 1,904 new stores, enabling deeper penetration in existing and new markets.
• The rapidly growing advertising business, with revenue surging to ₹1,636 crore in Fiscal 2026, provides a high-margin revenue stream that improves platform economics.
• The expansion into higher-margin non-grocery categories including electronics, apparel, fashion, home and kitchen, and beauty products will drive improvements in platform take-rate over the long-term.
• The company’s in-house private label brands and vertically-integrated fresh fruits and vegetables supply chain provide cost advantages and margin improvement opportunities.
• Improving unit economics with cost per order declining from ₹181 to ₹128 and adjusted EBITDA loss per order improving from ₹110 to ₹59 indicates a clear path to profitability.
• The company’s technology-native approach and continued investment in AI, automation, and cloud infrastructure will unlock additional cost efficiencies and margin expansion.
• The densification flywheel strategy — higher order volume leading to more dark stores, reducing delivery distances and costs — creates a virtuous cycle of improving economics.

 

Peer Group Comparison

Name of Company	Revenue  (₹ in million)	Face Value (₹)	P/E Ratio	Basic EPS (₹)	Diluted EPS (₹)	RoNW (%)	NAV  (₹)
Zepto Limited	226,235.84	5	[●]^	(5.05)	(5.05)	(165.89)	2.95
India Listed Peers*
Swiggy	230,530.00	1	NA	(16.87)	(16.87)	(22.68)	66.35
Eternal	543,640.00	1	635.05	0.40	0.39	1.18	32.10

 

Key Strategies for Zepto Limited

Continue to Grow Order Volume, User Base, and NRV Rapidly While Optimizing Cost Per Order

Zepto aims to continue its rapid growth trajectory to realize the full potential of the fast-growing quick commerce market. The company’s strategy focuses on densification — launching more dark stores within the same neighborhoods as older stores reach capacity, reducing delivery distances and costs. This creates a virtuous flywheel: higher order volume leads to more dark stores, which reduces delivery distances, improves delivery times, lowers delivery costs, and attracts even more order volume.

Maximize Order Volume per Dark Store Through Densification Flywheel

The densification strategy on higher order volume in a neighborhood translates to lowering delivery distances and is complemented by the cascading effect of higher order volume per dark store. This leads to lower fixed costs per order, higher manpower productivity, and lower perishable product expiry per order. These second-order cost savings further enable the company to deliver better value and lower fees to the user, creating a self-reinforcing cycle of growth and efficiency improvement.

Focus on ‘Everyday Low Prices’ Platform Philosophy While Driving Profitability

Zepto targets to keep improving its value proposition to best suit the user through an EDLP platform philosophy and offer a low fee structure. Since an EDLP approach leads to stronger user retention on the platform, the company’s dependence on advertising and new user acquisition spends to grow the platform is lower. Higher user retention leads to lower advertising spends over the long-term, which is another major cost saving.

Focus on Margin Expansion Opportunities That Are Neutral or Accretive to Users

Zepto intends to further invest in margin expansion opportunities that are accretive to the user. These include advertising revenue growth through new features like “Zepto Atom” and Zepto GPT, expanding new product categories such as electronics, apparel, fashion, home and kitchen, and beauty products that carry higher margins, and scaling private label brands like “Daily Good,” “Bay6,” and “Jai Kashi” which have the potential to become sizable contributors.

Continued Focus on Scaling Fresh Fruits and Vegetables to Drive User Stickiness

Zepto has built a vertically-integrated F&V supply chain with collection centers in every major growing hub in India and a Farmer Partners Network across the country. The number of F&V units processed in dark stores per day grew from 559,970 units in Fiscal 2024 to 1,978,647 units in Fiscal 2026. The company is actively working with Merchant Partners and farmer partner network to give users early access to seasonal products and implementing automated capabilities of packing and weighing F&V units.

Continued Investments in Technology to Unlock Scalability, Cost Efficiency, and Margin Expansion

Zepto is a technology-native company anchored by a skilled engineering, product, and data science team. The company intends to continue investing in its in-house technology stack as a critical lever to unlock additional cost efficiencies, expand margins, and enhance platform scalability. Key initiatives include AI-optimized inbound and picking, robotic automation, conversational commerce engine, and agentic AI software development lifecycle platform.

FAQs

How can I apply for Zepto Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Zepto Limited IPO?

The IPO comprises a fresh issue of ₹8,010 crore and an OFS of up to 11.35 crore equity shares by existing shareholders.

When did Zepto receive SEBI approval for its IPO?

Zepto received SEBI approval in May 2026, after filing its IPO papers confidentially in December 2025.

On which exchanges will Zepto Limited shares be listed?

The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Zepto Limited equity shares?

The face value of each equity share is ₹5 per share.

Infographic Content

Zepto Limited IPO Highlights

Zepto Limited is India’s fastest-growing quick commerce platform with 1,139 dark stores across 66 cities, serving 47.97 million annual transacting users and processing an average of 2.33 million orders per day.

• Offer Size:₹8,010 crore (Fresh Issue) + OFS of up to 11.35 crore equity shares (Total estimated ₹11,000-12,000 crore)
• Purpose:The net proceeds will be utilized for dark store network expansion (₹1,628.98 crore), lease rentals of existing dark stores (₹1,734.94 crore), technology and cloud infrastructure (₹1,324.78 crore), marketing and business promotion (₹520 crore), and inorganic growth & general corporate purposes.
• Financials (Fiscal Year ended March 31, 2026):Revenue from Operations ₹2,26,235.84 million; Net Loss ₹59,051.92 million;
• Listing:Mainboard IPO on BSE & NSE