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Zepto IPO
Zepto
IPO details
Subscription rate
Data will be available soon
Schedule
Data will be available soon
About
Founded in
2020
MD/CEO
Aadit Palicha
Parent organisation
Zepto
Zepto Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As India's fastest-growing quick commerce platform, Zepto's order volume grew at a CAGR of approximately 119.50% between Fiscal 2024 and Fiscal 2026, significantly outpacing the industry. This market leadership is mirrored in its financial performance, with revenue from operations skyrocketing from ₹4,454.52 Crores in FY24 to ₹22,623.58 Crores in FY26.
The company's 'densification flywheel' strategy is improving operational efficiency, evidenced by the Average Distance per Order decreasing from 2.05 km in FY24 to 1.78 km in FY26, while the Orders Per Day (OPD) per store increased from 1,325 to 1,677 in the same period.
Zepto is demonstrating significant improvements in unit economics, with Fixed Cost per Order reducing from ₹80.72 in Q1 FY24 to ₹52.34 in Q4 FY26. Concurrently, Digital Marketing Cost per Order has dramatically decreased from ₹10.82 to ₹1.01 in the same period, indicating increased brand salience and user retention.
The company is successfully monetizing its platform beyond delivery commissions, with high-margin Advertisement Revenue growing exponentially from ₹49.17 Crores in FY24 to ₹1,635.73 Crores in FY26, a CAGR of 477.9%. This segment now constitutes 7.23% of total revenue from operations in FY26.
Leveraging its data flywheel, Zepto has rapidly expanded its product assortment to enhance user engagement, increasing the average number of SKUs at a dark store from 12,312 in FY24 to 46,623 in FY26. This has deepened user adoption, with retained users purchasing from over 18 product categories within two years of joining.
The company has demonstrated strong user base growth, with Annual Transacting Users (ATU) growing from 10.57 million in FY24 to 47.97 million in FY26. This growth is supported by solid user retention, with 45.2% to 49.8% of users remaining active on the platform three years after their first order.
The company is led by its entrepreneurial founders, Aadit Palicha and Kaivalya Vohra, who are deeply involved in granular day-to-day execution. They are supported by an experienced management team with backgrounds in e-commerce, manufacturing, and retail from companies like Flipkart, ITC, and Amazon.
Zepto has rapidly executed its physical infrastructure expansion, growing its network of dark stores from 337 in FY24 to 1,139 in FY26. This aggressive rollout supports its densification strategy and ability to maintain fast delivery times while scaling order volumes.
The company has a history of significant and growing losses, with restated loss for the year increasing from ₹1,214.79 Crores in FY24 to ₹5,905.19 Crores in FY26. It has also consistently generated negative cash flows from operating activities since its inception.
Business growth is critically dependent on acquiring and retaining users, which has historically required significant marketing expenditure. Advertisement expenses increased from ₹303.55 Crores in FY24 to ₹1,389.12 Crores in FY26, representing 6.14% of revenue from operations in the latest fiscal year.
The business model is heavily reliant on a non-exclusive 'gig economy' network of delivery partners and a wide base of merchant partners. In FY26, delivery and handling expenses amounted to ₹3,046.34 Crores, highlighting a major cost center and dependency for its core service.
The company faces intense competition from well-established players and new entrants in a market with low barriers to entry. Key competitors include Blinkit, a subsidiary of the publicly listed Zomato (Eternal Limited), and Instamart, a division of Swiggy, which have deep pockets and established ecosystems.
The company and its Promoters are involved in multiple pending litigations, including a penalty of ₹0.07 Crores from the CCPA for 'dark patterns', which is currently under appeal, and summons received by Promoters from the Directorate of Enforcement regarding FEMA inquiries. Total contingent liabilities from pending litigations are valued at ₹2.01 Crores.
The company experiences very high employee attrition, especially among its operational staff. The overall attrition rate was 51.28% in FY26, while the rate for its crucial 'Operating Staff' (pickers, packers, etc.) was significantly higher at 73.22% for the same period.
Application details
For Zepto IPO, eligible investors can apply as
Data will be available soon
About
Objectives of Zepto IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Expenditure for the expansion of the dark store network through the establishment of new dark stores in existing and new geographies |
1,628.98 |
|
Expenditure towards lease rentals of existing dark stores |
1,734.94 |
|
Investment in technology and cloud infrastructure |
1,324.78 |
|
Investment in the Subsidiary, Zepto Marketplace Private Limited for marketing and business promotion expenses for enhancing the brand awareness and visibility of the platform |
520.00 |
|
Funding inorganic growth through unidentified acquisitions |
[.] |
|
General Corporate Purposes |
[.] |
Book Running Lead Managers & Registrar of Zepto IPO
|
Book Running Lead Manager |
Axis Capital Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Limited, Motilal Oswal Investment Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) |
|
Registrar to the Issue |
KFin Technologies Limited |
Zepto IPO Contact Details
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Company Name |
Zepto Limited |
|
Registered Office |
Hiranandani Lighthall, A Wing, 6th floor, Saki Vihar Road, Andheri East, Mumbai 400 072, Maharashtra, India |
|
Phone |
+91 96062 42106 |
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Website |
Zepto IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
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Phone |
+91 40 6716 2222/ 1800 309 4001 |
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Website |