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Zepto

Zepto

e-Commerce
upcoming
TBAMin. investment
  1. Pre-apply
    TBA
  2. Bid start
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  3. Bid end
    TBA
  4. Allotment
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  5. Release of funds
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  6. Demat transfer
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  7. Listing
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Zepto IPO Details

Sectore-Commerce
IPO type
Regular

Strength and Weakness

Consistent increase in dark stores

The company has scaled its operations and created demand in a highly competitive environment through expanding its dark stores to 1,139 across 66 cities in ~5 years since inception.

Increase in dark store density

Orders Per Day (OPD) per store increased from 1,325 in FY24 to 2,140 in Q4FY26, a 61.5% increase. At the same time, the average delivery distance was reduced from 2.05 km in FY24 to 1.83 km in Q4FY26. These numbers show that the company’s expansion strategy is not only focused on entering new cities but also on increasing dark store density in areas with strong demand.

Advertising as key revenue source

Advertising has become one of its fastest-growing and highest-margin revenue streams. Advertisement revenue increased from ₹49.17 crore in FY24 to ₹1,635.73 crore in FY26, which is a 33x increase in 3 years. The contribution of advertising to NRV also saw improvement with an increase to 1.11% in FY24 and a further increase to 7.78% in FY26.

About Zepto

Established in 2021, Zepto is one of the fastest-growing quick commerce platforms in terms of order volumes among scaled companies between FY24 and FY26. The company established its first dark store in 2021, and over ~5 years since its inception, it has scaled its platform to record a Net Receivables Value (NRV) of ₹24,815 crore for FY26. The company has four main sources of revenue: commissions on the sale of items by merchant partners, advertisements from brand partners, logistics charges, and revenue from procurement and logistics services.
The total number of dark stores operated by the company stood at 1,139 as of March 31, 2026. The company expanded from 337 dark stores across 11 cities in FY24 to 1,139 dark stores across 66 cities in FY26. Each geography had an average assortment size of 46,623 SKUs, including fresh fruits and vegetables, fast-moving consumer goods, electronic appliances for home use, cosmetic items, etc. Zepto platform recorded a daily average order volume of 23,33,488 during Q4FY26. An active fleet size of 2,86,670 delivery partners assisted in managing such high volumes of deliveries.
Customer adoption has shown significant growth. Average Transacting Users (ATU) have risen from 1.06 crore as of March 31, 2024, to 3.84 crore as of March 31, 2025, and further to 4.80 crore as of March 31, 2026. Total orders increased from 13.29 crore in FY24 to 64.02 crore in FY26, a CAGR of ~119.50% during the same period. Weekly transacting users reached 92 lakhs as of March 2026.
Zepto has taken a key step toward its stock market listing by filing an updated draft red herring prospectus with SEBI. The IPO will comprise a fresh issue of approximately ₹8,010 crore along with an offer-for-sale of more than 11.34 crore shares by existing investors, with the final issue size to be disclosed later.
Operating in India's intensely competitive quick-commerce space, Zepto competes with Blinkit, Instamart, Flipkart Minutes, Amazon and BigBasket. According to the company's updated DRHP, the industry continues to witness rapid growth, with sector Gross Merchandise Value (GMV) reaching $11.3 billion in CY2025 and expected to expand 5–7x to $60–83 billion by CY2030. Key book running lead managers include Axis Capital, Morgan Stanley, Motilal Oswal, Goldman Sachs, HSBC, JM Financials and IIFL Capital, while Kfin Technologies Limited is the registrar of the issue.

IPO Analysis

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IPO REVIEW
Zepto
Should you apply?

Frequently asked questions

How to invest in the Zepto ?

Investors can apply for the Zepto through their Demat account via the stock exchange or through their broker.

What is 'pre-apply' for Zepto ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Zepto shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.

Where is the Zepto getting listed?

The shares are proposed to be listed on the BSE and NSE.
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