Zepto files updated DRHP, plans ₹8,010 crore fresh issue via IPO; a look at financials

Quick commerce giant Zepto has filed an updated draft red herring prospectus (UDRHP-1) with market regulator Securities and Exchange Board of India, revealing details of its initial public offering.

The proposed initial share sale will be a fresh issuance of ₹8,010 crore and an offer for sale (IPO) of 113,466,566 equity shares.

Notably, the company's promoters, including co-founders Aadit Palicha and Kaivalya Vohra, are not diluting any stake in the IPO.

Those offloading their shares under the OFS route include investors Nexus Ventures VI Holdings, LLC, Nexus Ventures VII Holdings, LLC, Razor Ventures Zepto LLC, Contrary ZEP Holdings LLC, Kaiser Permanente Group Trust and Kaiser Foundation Hospitals.

The Bengaluru-headquartered unicorn will use fresh issue proceeds for the following objectives:

• Expansion of dark store network through establishing new dark stores in existing and new geographies
• Rent repayment of existing dark stores
• Invest in technology and cloud infrastructure
• Invest in subsidiary, Zepto Marketplace Pvt Ltd, for marketing and business promotion expenses.
• Fund inorganic growth via unidentified acquisitions and general corporate purposes

Axis Capital, Goldman Sachs (India) Securities, Morgan Stanley India, Motilal Oswal Investment Advisors, HSBC Securities and Capital Markets, IIFL Capital Services and JM Financial are the issue's book-running lead managers. KFin Technologies serves as the registrar.

The company's shares will be listed on the NSE and the BSE.

Zepto IPO: A look at financials

In the fourth quarter of the financial year 2025-26, Zepto narrowed its net loss to ₹1,538.67 crore as against ₹1,831.91 crore in Q4 FY25.

Its revenue from operations advanced 75.26% to ₹7,497.64 crore in the fourth quarter of FY26, compared to ₹4,278.06 crore a year back.

The company's loss widened to ₹5,905.19 crore in the financial year 2025-26 from a ₹4,699.71 crore loss in the previous fiscal.

Revenue from operations surged 103.63% to ₹22,623.58 crore in FY26, compared to ₹11,109.94 crore in FY25.

As of March 2026, Zepto, according to UDRHP-1, had 4.79 crore annual transacting users (ATU), reflecting a 25% year-over-year growth. Its total dark store count stood at 1,139.