Eyeing a July debut, Zepto’s listing will be one of the most closely watched new-age IPOs of the year. While the parent firms of rivals Blinkit and Swiggy Instamart are already listed, Zepto will be the first standalone quick commerce company to list on Indian stock exchanges.
Here’s a look at some of the highlights from the prospectus:
Issue details
Issue size: Rs 9,000-9,500 crore.
Fresh issue: Rs 8,010 crore.
Offer-for-sale (OFS): 113 million shares.
Early investors Nexus Venture Partners, US-based Contrary Capital, and Kaiser Permanente, as well as Dubai-based Razor Capital, will sell shares through the OFS.
Use of funds
Zepto plans to use the IPO proceeds to expand its dark store network across existing and new geographies, and to fund lease rentals for existing facilities. As of March 31, 2026, the company operated 1,139 dark stores. The company has indicated that it plans to set up 1,904 new stores.
The capital will also be invested in technology and cloud infrastructure, besides marketing and business promotion.
Key business metrics
Zepto’s revenue from operations more than doubled to Rs 22,623.58 crore in FY26 from Rs 11,109.94 crore in FY25. Its net loss widened to Rs 5,905.19 crore from Rs 4,699.71 crore.
In the March quarter, Zepto reported a 75% jump in consolidated revenue, at Rs 7,498 crore, while net loss narrowed to Rs 1,539 crore from Rs 1,832 crore a year earlier.
Over the full year, Zepto processed 64 crore orders, translating to an average of more than 17 lakh orders daily. The fourth quarter alone accounted for 21 crore orders, or 23.3 lakh orders a day on average.
By March 31, Zepto’s annual transacting users had grown 25% year-on-year to 4.79 crore.
Competition
Zepto’s scale appears to be ahead of Swiggy Instamart but behind Blinkit. For January-March FY26, Blinkit reported a net order value of Rs 14,386 crore, compared with Zepto’s Rs 7,591 crore and Instamart’s Rs 5,674 crore, according to data compiled by ET from company filings.
Blinkit reported an adjusted Ebitda of Rs 37 crore for the quarter, turning operationally profitable. Zepto’s adjusted Ebitda loss for the quarter stood at Rs 1,247 crore, while Instamart reported an adjusted Ebitda loss of Rs 858 crore.
The DRHP flags low switching costs for users, delivery partners, and merchant partners, making competition a continuing risk.
Delivery partner network
Zepto said retaining and acquiring delivery partners is critical to its business. Delivery partners are non-exclusive and can work across competing platforms.
Average active delivery partners on the platform grew from about 49,278 in FY24 to 118,919 in FY25 and 221,667 in FY26. Delivery and handling expenses were about Rs 3,000 crore in FY26. The average cost per delivery stood at Rs 45.74.
Employee attrition
The DRHP shows high employee churn. Zepto’s attrition rate for employees (other than operating staff) stood at 51.28% in FY26, compared with 40.48% in FY25 and 54.23% in FY24. In comparison, Swiggy’s attrition was 33% as of FY25, while Eternal’s stood at 44%, according to the companies’ annual reports.
For operating staff, which includes pickers, packers, delivery hub loaders, and shift-in-charge roles at dark stores, attrition stood at 73.22% in FY26. Zepto said these roles were earlier staffed through third-party contractors and have now been transitioned to its payroll for better control and compliance.
ESOP pool
Zepto has a large pool of 1.23 billion options under Esop 2025, with 1.34 billion options granted so far, including lapsed, forfeited or cancelled options.
Zepto has also set up an Esop trust. During FY26, the company issued 942.5 million shares to the trust. It also took a loan of Rs 471.27 crore from Zepto, which it invested in equity shares.
The board has approved an expansion of the Esop pool by 246.49 million options, equivalent to 189.05 million equity shares, subject to approvals.
Shareholding structure
The DRHP opens up Zepto’s shareholding, which had so far remained largely private. On a fully diluted basis, promoters hold 18.47% in the company, while the promoter group holds another 1.09%.
Cofounder and CEO Aadit Palicha directly holds 1.07% and cofounder Kaivalya Vohra holds 0.89%. Larger promoter holdings are through the Lazarus Trust and The Vohra Trust, which hold 9.03% and 7.48%, respectively.
Because the promoter holding is below 20%, some investors including Nexus Ventures VI, Glade Brook, and StepStone are contributing shares towards the minimum promoter contribution requirement without being classified as promoters. Promoter shares are subject to a lock-in post IPO.
Family trust transfers
The prospectus also discloses transfers from founder family trusts to promoter group members. In December 2025, Lazarus Trust transferred 71.74 million shares to Urvashi Kavit Palicha, while The Vohra Trust transferred 65.38 million shares to Seema Vohra. Both transfers were at nil price, as distributions to beneficiaries of the respective trusts.
Founders summoned
Zepto disclosed that cofounders Aadit Palicha and Kaivalya Vohra received summons from the Enforcement Directorate (ED) on April 8, seeking information under the Foreign Exchange Management Act, 1999.
The agency sought details on foreign investments, audited balance sheets since FY21, owned immovable properties, the shareholding pattern, loans and guarantees, income tax returns, bank accounts, and Zepto’s business model. The DRHP (draft red herring prospectus) said both founders appeared before the ED and provided the information sought.
Other issues
The DRHP also lists consumer cases around alleged dark patterns, anti-trust suits filed by distributors against quick commerce platforms, and food-safety-related matters.
Separately, the auditor has flagged issues around audit trails and backups in certain accounting and support software systems in earlier years. Zepto has said some of these issues have been addressed, while implementation at the database level is still in progress.
Ads and new categories
Ads have become a significant business line for Zepto. Its ad revenue rose to Rs 1,635.7 crore in FY26 from Rs 651.2 crore in FY25.
The company is also pushing beyond groceries into Zepto Café, private labels, an online pharmacy, and non-grocery categories such as electronics, beauty, home and kitchen, and general merchandise.