Company Overview
Zepto Limited is one of India’s leading quick-commerce companies, founded in 2021 by Aadit Palicha and Kaivalya Vohra.
The company operates a technology-driven quick-commerce marketplace focused on delivering groceries, fresh produce, household essentials, electronics, personal care products, apparel and other everyday products through a network of strategically located dark stores.
Zepto’s business model is built around high-frequency ordering, dense dark-store networks, technology-enabled inventory management and rapid delivery.
The company has been preparing for an IPO and filed confidential IPO papers with SEBI in December 2025, followed by an updated Draft Red Herring Prospectus in June 2026. However, in August 2026, Zepto announced a pre-IPO private placement and deferred its immediate public listing, stating that it would focus on execution and update its DRHP with fresh financial information before listing within the permitted regulatory timeline.
Official Investor Relations:
Zepto Investor Relations
Business Model
Zepto operates primarily through a dark-store-based quick-commerce model.
Customers place orders through the Zepto app/platform, while products are stored in smaller fulfilment centres located close to residential catchments.
The model focuses on:
- Groceries and fresh produce
- Fruits and vegetables
- Dairy and packaged food
- Household essentials
- Personal care
- Beauty products
- Electronics and accessories
- Apparel
- Stationery and lifestyle products
- Other convenience products
The company has expanded beyond the traditional grocery category and is increasingly positioning itself as an everyday e-commerce platform.
Zepto’s investor website describes the platform as serving everything from fresh produce and groceries to electronics, apparel and everyday essentials.
Scale of Operations
According to Zepto’s FY2026 disclosures:
- 1,139 dark stores as of 31 March 2026
- Approximately 47.97 million annual transacting users
- 640.18 million annual orders
- Average daily orders of approximately 17.5 lakh
- Q4 FY2026 average daily orders reached approximately 23.3 lakh
- Orders per store per day reached approximately 2,140
- FY2026 Net Receivables Value (NRV): ₹24,815.54 Cr
- Q4 FY2026 NRV: approximately ₹8,134 Cr
- Q4 FY2026 orders: approximately 210 million
The company also reports more than 2.3 million orders per day in Q4 FY2026 on its investor-relations platform.
Financial Performance
FY2026 Financial Snapshot
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹4,454.52 Cr | ₹11,109.95 Cr | ₹22,623.58 Cr |
| Net Receivables Value | ₹5,231.70 Cr | ₹12,703.73 Cr | ₹24,815.54 Cr |
| Restated Loss | ₹1,214.79 Cr | ₹4,699.71 Cr | ₹5,905.19 Cr |
| Free Cash Flow | -₹1,241.38 Cr | -₹5,332.49 Cr | -₹4,329.54 Cr |
| Closing Cash & Investments | ₹1,688.26 Cr | ₹7,440.77 Cr | ₹5,680.53 Cr |
Source: Zepto Updated Draft Red Herring Prospectus.
Revenue Growth
Zepto’s revenue from operations increased from approximately ₹11,110 Cr in FY2025 to ₹22,624 Cr in FY2026, representing growth of more than 100%.
However, the company continues to report significant losses as it invests heavily in:
- Dark-store expansion
- Employee and delivery infrastructure
- Technology
- Customer acquisition
- Marketing
- Discounts and promotions
- Supply-chain infrastructure
The FY2026 loss was approximately ₹5,905 Cr, compared with approximately ₹4,700 Cr in FY2025.
Q4 FY2026 Performance
The March 2026 quarter showed continued operating scale-up.
| Metric | Q4 FY2026 |
|---|---|
| Revenue from Operations | ₹7,498 Cr |
| NRV | ₹8,134 Cr |
| Orders | 210 million |
| Average Daily Orders | 23.3 lakh |
| Dark Stores | 1,139 |
| Orders/Store/Day | 2,140 |
| Annual Transacting Users | ~4.8 Cr |
| Adjusted EBITDA Loss | ₹1,248 Cr |
Revenue increased approximately 75% year-on-year in Q4 FY2026, while the adjusted EBITDA loss narrowed compared with the corresponding quarter of FY2025.
Funding & Valuation History
Zepto has raised substantial private capital from domestic and global investors.
Its October 2025 funding round raised approximately $450 million at a $7 billion valuation, with investors including CalPERS, General Catalyst, Goodwater Capital and Lightspeed.
However, valuation expectations changed considerably during the 2026 IPO process.
In August 2026, Zepto announced that it had reached an agreement with major shareholders for a primary pre-IPO private placement.
The company did not publicly disclose the exact size or pricing of the placement in its announcement. Media reports indicated a valuation of approximately $4–4.5 billion, substantially below the $7 billion valuation of the October 2025 funding round.
Therefore, investors should distinguish between:
Previous institutional funding valuation: ~$7 billion
Reported pre-IPO valuation: ~$4–4.5 billion
Secondary-market/grey-market indications: Can vary substantially and should not be treated as an official company valuation.
IPO Status
Zepto originally planned to pursue a major IPO during 2026.
Its updated June 2026 DRHP proposed:
- Fresh issue of approximately ₹8,010 Cr
- Offer for Sale of up to approximately 11.35 Cr shares
- Total potential issue size around ₹9,000–10,000 Cr
- Proposed listing on BSE and NSE
The company received SEBI approval for the IPO process.
However, the IPO was subsequently deferred.
In August 2026, Zepto announced that it would complete a primary pre-IPO private placement, update its DRHP with newer financial and operating information, and proceed toward listing within the timeline permitted under its SEBI-approved UDRHP.
Therefore, as of 23 September 2026:
Zepto remains an unlisted company and does not have a confirmed IPO date or price band.
Why Zepto Is Interesting as an Unlisted Opportunity
1. Rapid Revenue Growth
Zepto has demonstrated extremely rapid revenue growth.
Revenue from operations increased from approximately ₹4,455 Cr in FY2024 to ₹22,624 Cr in FY2026.
2. Strong Order Growth
The company processed approximately 640 million orders during FY2026, with Q4 daily order volumes reaching approximately 23.3 lakh.
This demonstrates significant consumer adoption of quick commerce.
3. Increasing User Base
Zepto had approximately 48 million annual transacting users by March 2026.
A larger user base can potentially create opportunities to increase:
- Order frequency
- Advertising revenue
- Private-label sales
- Cross-selling
- Customer monetisation
4. Expansion Beyond Grocery
Zepto is expanding its assortment beyond traditional grocery and convenience products into categories such as:
- Electronics
- Beauty
- Apparel
- Lifestyle
- General merchandise
This could allow Zepto to evolve from a quick-grocery platform into a broader rapid-commerce/e-commerce ecosystem.
5. Dark Store Economics
One of the most important metrics for Zepto is orders per store per day.
Higher order density can potentially improve the economics of individual dark stores by spreading fixed costs over a larger number of orders.
Zepto reported approximately 2,140 orders per store per day in Q4 FY2026.
Key Risks
1. Continued Losses
Despite substantial revenue growth, Zepto reported a FY2026 loss of approximately ₹5,905 Cr.
The company therefore remains dependent on improving unit economics and/or access to additional capital.
2. Highly Competitive Market
Zepto competes with major platforms including:
- Blinkit
- Swiggy Instamart
- BigBasket
- JioMart
- Amazon
- Flipkart
The sector requires continuous investment in stores, technology, delivery infrastructure and customer acquisition.
3. High Cash Consumption
Zepto reported negative free cash flow of approximately ₹4,330 Cr in FY2026.
Although the company had approximately ₹5,681 Cr of cash and investments at March 2026, sustained expansion can continue to require significant capital.
4. Valuation Risk
The difference between Zepto’s $7 billion October 2025 funding valuation and reported valuations discussed during the 2026 IPO process highlights the importance of entry valuation.
Investors in unlisted shares should therefore avoid evaluating Zepto solely on revenue growth.
5. IPO Timing Risk
The IPO has been deferred and the company plans to update its DRHP before proceeding.
There is currently no confirmed IPO date or final issue price.
6. Unit Economics
Quick commerce requires a large network of dark stores and delivery personnel.
The critical long-term question is whether increasing order density and monetisation can eventually produce sustainable positive operating cash flows.
Management
The company’s key management team includes:
- Aadit Palicha – CEO & Co-founder
- Kaivalya Vohra – President, Technology & Product & Co-founder
- Ramesh Bafna – CFO
- Vinay Dhanani – President, Supply Chain
- Nikhil Mittal – CTO
- Vikas Sharma – COO
- Ankit Agarwal – Chief Product Officer
- Divesh Sawhney – Chief Growth Officer
Investment Perspective
Zepto represents an opportunity to participate in India’s rapidly expanding quick-commerce and digital consumption ecosystem before its eventual public-market listing.
The investment thesis primarily revolves around:
Digital consumption + quick commerce + increasing order density + expanding product assortment + growing user base + potential operating leverage.
At the same time, the investment case needs to be evaluated against:
High losses + negative free cash flow + intense competition + heavy infrastructure requirements + valuation uncertainty + uncertain IPO timing.
For an unlisted investor, the purchase price and eventual IPO valuation are particularly important. The company’s rapid revenue growth alone should not be treated as evidence of profitability or a guaranteed listing outcome.
Unlisted Share / IPO Status
Company: Zepto Limited
Status: Unlisted
Sector: Internet / E-commerce / Quick Commerce
Founded: 2021
Promoters: Aadit Palicha, Kaivalya Vohra and promoter trusts
FY2026 Revenue: ₹22,623.58 Cr
FY2026 Loss: ₹5,905.19 Cr
FY2026 NRV: ₹24,815.54 Cr
Dark Stores: 1,139
Annual Transacting Users: ~4.8 Cr
FY2026 Orders: ~640 million
Latest major disclosed funding valuation: $7 billion in October 2025
Reported August 2026 pre-IPO valuation: ~ $4–4.5 billion
IPO: Deferred; company intends to proceed after updating financials
Proposed IPO: Fresh issue + OFS
Proposed Exchanges: NSE & BSE
Face Value: ₹5 per equity share
Important Links
Zepto Official Website:
Zepto
Zepto Investor Relations:
Zepto Investor Relations
Zepto Financial Results:
Zepto Financial Results & Investor Updates
Zepto Corporate Announcements:
Zepto Corporate Announcements
Zepto Updated DRHP:
Zepto Updated Draft Red Herring Prospectus
SEBI – Zepto UDRHP Filing:
SEBI Zepto UDRHP Filing
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of returns.
Unlisted securities involve higher risks including limited liquidity, limited price discovery, valuation uncertainty, transfer restrictions, lack of an established public market, and uncertainty regarding IPO/listing timelines.
Financial figures and company information are based on publicly available company filings, investor disclosures and credible secondary sources available at the time of preparation. IPO size, valuation, pricing, timing and listing plans may change. Investors should independently verify the latest company filings and applicable regulatory disclosures before making any investment decision.
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