About Zepto IPO
Zepto IPO Details
Zepto IPO is a 100% book-built issue, comprising a fresh issue of ₹8,010 crore and an offer for sale (OFS) of 11.34 crore equity shares, with a face value of ₹[] per share. The company filed its confidential DRHP with SEBI on December 27, 2025 and received SEBI observations in May 2026.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the NSE and BSE platforms. The book-running lead managers (BRLMs) of the issue are Morgan Stanley (lead), Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities and Motilal Oswal, while the registrar to the offer is not declared yet.
Zepto IPO Date & Timeline
The Zepto IPO is officially set to open for subscription on [Opening Date] and will close on [Closing Date]. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 27, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on [Allotment Date]. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on [Refund & Demat Date]. Finally, shares of Zepto Ltd. are tentatively scheduled to list on the stock exchanges on [Listing Date].
Zepto IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Zepto IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 per share |
| Issue Price Band | - |
| Lot Size | - |
| IPO Type | Fresh Issue and Offer for Sale |
| Total Issue Size | Up to Equity shares of face value ₹5 each aggregating up to ₹[.] |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Upto [.] equity shares of face value ₹5 each aggregating up to ₹ 8,010.00 Cr |
| Offer for Sale | Upto 113,466,566 equity shares of face value ₹5 each aggregating up to ₹[.] Cr |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,55,74,04,924 shares |
| Share Holding Post Issue | 12,60,31,95,213 shares |
Zepto IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Zepto IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Zepto was founded in July 2021 in Bengaluru, Karnataka, as a quick commerce company, now leading as India's fastest-growing quick-commerce company, delivering groceries and daily essentials in under 10 minutes through a network of micro-fulfilment centres by Aadit Palicha and Kaivalya Vohra, both Stanford University dropouts who pivoted from their earlier startup KiranaKart to focus on ultra-fast grocery delivery.
The company offers 2,500–5,000+ products in diverse ranges and also operates specialised divisions, including Zepto Cafe and Bloom, connecting farmers directly with urban consumers. The company follows an inventory-led business model, owning products from procurement to storage to sale rather than functioning as a pure marketplace. In 2025, Zepto converted into a public limited company to proceed with its public listing debut.
Operations & Product Range
Zepto provides quick-commerce services across four key areas, including grocery & daily essentials and packaged foods within 10 minutes, with specialised services including Zepto Cafe and Bloom; health & personal care (health-and-hygiene products, personal care items and home cleaning goods); and a digital platform available on Android and iOS with real-time order tracking, extended service hours and contactless doorstep delivery. The company maintains full control over its distribution network, ensuring faster fulfilment and better quality control compared to marketplace aggregators.
Facilities & Capacity
Zepto operates strategic micro-fulfilment centres across 10+ metropolitan cities optimised for 10-minute delivery by converting traditional retail spaces into high-density distribution hubs. Its facilities and capacity are divided into two categories: hyperlocal dark stores and mother warehouses, as the company handles millions of orders daily and maintains a market share of approximately 25–30% in India's quick commerce segment.
Brands & Market Presence
Zepto operates under the "Zepto" brand as a consumer-facing quick-commerce app. It is recognised as India's first unicorn of 2023 and the country's fastest-growing e-grocery company. The company has achieved 129% year-on-year sales growth in FY25 and has built a strong brand identity around the 10-minute delivery promise. In the competitive quick-commerce landscape, Zepto holds a 25–30% market share, competing with Blinkit (~45%), Swiggy Instamart (~25%) and smaller players like Flipkart and Amazon.
Revenue Streams & Business Model
Zepto operates on a quick-commerce business model, delivering groceries & daily essentials within 10 minutes through a dense network of dark stores. The primary revenue stream is the direct sale of goods to consumers (D2C), capturing retail margins on products sold. Additional revenue streams include delivery fees, surge pricing during peak hours, handling charges and subscription models like Zepto Pass. Also, the company generates significant ancillary income from brand advertisements, targeted product placements and the monetisation of consumer supply chain insights.
Financial Performance
Zepto demonstrated rapid top-line growth in FY26, with revenue from operations surging over 103% to ₹22,623.58 crore compared to ₹11,109.94 crore in FY25. Despite this rapid scaling, the company remains unprofitable, as its net losses widened to ₹5,905.19 crore in FY26 from ₹4,699.71 crore in FY25. This increasing cash burn reflects substantial investments in expanding its network of dark stores, rising delivery and handling costs and aggressive customer acquisition strategies within the competitive Indian quick-commerce sector.
Management & Shareholding
The promoters of Zepto are Aadit Palicha (Co-Founder & CEO) and Kaivalya Vohra (Co-Founder & CTO), who dropped out of Stanford University to build Zepto in 2021. Apparently, both the promoters hold around a 20% stake in the company, but after the IPO, the stakeholding of the company is supposed to be diluted as the offering includes a hybrid issue of shares.
Board & Key Management
The leadership of Zepto Ltd. is led by a team of experts with many years of experience. Aadit Palicha serves as the Chairman & Managing Director and gives strategic direction to the firm and the daily operations, along with Whole-Time Director Kaivalya Vohra. To ensure good governance, the board includes Independent Directors Akhil Gupta and Anu Hariharan for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Zepto IPO Financial Information
Profit After Tax
-5,905.19
₹ Crore
Net Worth
3,559.60
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 13,510.11 | — | -5,905.19 | 3,559.60 | — | — |
| 31 Mar 2025 | 13,800.13 | — | -4,699.71 | 6,147.84 | — | — |
| 31 Mar 2024 | 2,898.27 | — | -1,214.79 | 2,864.48 | — | — |
| Amount in ₹ Crore | ||||||
Zepto Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | 165.89 % |
| PAT Margin | 2.95 |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -16.60 | - |
| P/E (x) | - | - |
Zepto IPO Objectives
The company intends to utilise the Zepto IPO proceeds for strategic purposes:
- • Funding expansion of dark store network and expanding into untouched geographic areas
- • Investing in technology and cloud infrastructure
- • Funding its subsidiary, Zepto MarketPlace Pvt. Ltd.’s marketing and business promotion expenses for brand enhancement.
- • General corporate purposes
Zepto IPO Review
Zepto operates at the intersection of quick commerce and India's fast-growing e-grocery scene, going head-to-head with Blinkit, Swiggy Instamart, Flipkart and Amazon. They've shown amazing top-line growth too – their total sales for FY25 jumped 129% to ₹9,668.8 crore. This makes Zepto one of India's quickest-growing startups.
Notably, Zepto's net loss widened by 177% to ₹3,367.3 crore in FY25, reflecting the high cash-burn nature of the quick-commerce sector, although its valuation has grown from approximately $5 billion in 2024 to $7 billion in October 2025.
However, investors must check the potential risks, including significant and widening net losses, intense competition from well-funded rivals, a capital-intensive expansion model and regulatory and labour cost risks in the quick-commerce sector. Overall, the Zepto IPO review highlights impressive growth metrics but raises concerns about profitability timelines and competitive intensity, urging investors to assess the offer when the price band is revealed.
Conclusion
Zepto IPO is an opportunity for investors to invest in a growing company that marks the listing debut of India's fastest-growing quick-commerce unicorn with strengths in ultra-fast delivery and micro-fulfilment infrastructure. Zepto's rapid scaling capability, strong brand equity and inventory-led model are advantages and make it a key player in India's e-grocery space. With this issue, the company aims to fund its ongoing activities and strengthen its growth trajectory.
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Competitive Strengths
Promoters have Stanford backgrounds and deep technology expertise
Proprietary micro-fulfillment network enabling true 10-minute delivery
Inventory-led business model with full control over buying, storage and selling
Diverse product portfolio spanning groceries, ready-to-eat meals and farm-fresh produce
Rapid scaling capability with 129% YoY revenue growth and expansion across 10+ cities
Strong brand equity as India's first unicorn of 2023 and a $7 billion valuation
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 2,00,000 |
| S-HNI (Min) | 0 | 0 | 2,00,000 |
| S-HNI (Max) | 0 | 0 | 10,00,000 |
| B-HNI (Min) | 0 | 0 | 10,00,000 |