The e-commerce industry in India is anticipated to reach USD 325 billion by 2025.
One of the top quick-commerce companies in India, Zepto, is getting ready to go public with its planned IPO in order to boost its balance sheet and finance expansion in the areas of last-mile logistics, technology, and dark stores. The company, which is situated at the centre of e-commerce, hyperlocal delivery, and consumer technology, aims to take advantage of the increasing demand for quick delivery of groceries and necessities in major cities while exposing public investors to India's rapidly expanding quick-commerce theme.
Although Zepto has not filed its DRPH yet, the Zepto IPO is anticipated to hit the capital market by 2026. Here is everything you must know about the Zepto IPO to get a first-mover advantage.
Zepto IPO Details:
Zepto Issue Management:
Zepto IPO's book-running lead managers are expected to be Axis Capital, Goldman Sachs, and Morgan Stanley, handling underwriting, roadshows, and compliance once the DRHP is filed.
Zepto RTA (Registrar) Details:
Zepto's Registrar to the Issue (RTA) details are not yet officially confirmed, as the DRHP is yet to be filed.
Zepto IPO Allotment Status:
Zepto's Registrar to the Issue (RTA) details are not yet officially confirmed, as the DRHP is yet to be filed.
Action Links:
To apply for Zepto IPO, open a demat account here
Zepto Subscription Status: Check live subscription here
Zepto IPO GMP Update: Check latest grey market premium here
Zepto is an Indian grocery delivery startup launched in 2020 by Stanford Dropouts Aadit Palicha and Kaivalya Vohra during the COVID-19 Pandemic. Zepto has totally disrupted the Grocery Delivery sector in India by providing deliveries in less than ten minutes through the use of Dark Stores. Although Zepto entered the market after Swiggy Instamart, it aggressively expanded to 40-50 cities and executed extremely well compared to competitors like Blinkit (backed by Zomato), allowing Zepto to capture Market Share very rapidly.
The prominent members of the Zepto team are listed below.
Operational Metrics:
In FY24, Zepto generated consolidated revenues of ₹4,454 Crores which is a 120% YoY jump from ₹2,024 Crores in FY23 on a Gross Merchandise Value (GMV) that expanded to ₹8,300+ Crores (annualized), reaching approximately ₹27,000+ Crores by July 2025. Daily order volume scaled from 700K+ by FY24 end to 1.5-1.6 Million orders by June 2025, which indicates explosive operational leverage. Average order value (AOV) continues trending upward across categories, with each dark store processing 2,000+ orders daily and achieving profitability within 6-9 months (improved from 9 months previously). As of FY24, 75% of dark stores have turned EBITDA-positive, with the company narrowing net losses to ₹1,249 Crores (from ₹1,272 Cr in FY23)that is a 2% improvement despite 72% expense growth. This demonstrates a clear path to PAT profitability by FY25-26, significantly ahead of earlier guidance.
Growth Catalysts and Risk:
By expanding into higher-value categories such as electronics and Home Goods, Zepto has significantly enhanced its gross margins compared to groceries. Currently, Zepto has a 29% market share (2nd Place) and 7% penetration of the ₹45 Bn ($5.4 Bn) total addressable market in quick commerce across India. Thus, Zepto has a large amount of whitespace (93%) available for further geographic expansion into new categories.
Zepto can accelerate its store rollouts by utilizing improved dark store unit economics (-75% of EBITDA positive and a payback period within 6 months), which lowers the capital required for each location's rollout compared to its competitors.
Competitive and Profitability Challenges: The Quick Commerce industry, despite being one of the fastest growing industries globally, operates on very thin profit margins due to a high level of competition from Blinkit (46% Share) and Swiggy Instamart (25% Share). To remain profitable in the long term, Zepto must focus on growing AOVs, expanding into multiple categories and improving operational efficiencies as opposed to relying on discounts/promotions. Unlike many of Zepto's competitors who have a strategic partner's support in addition to their The pure financial backers model for Zepto requires strict adherence to the principles of disciplined unit economics and positive near-term EBITDA in order to attract future funding as well as value for an eventual IPO or strategic buyer.
Some key aspects of the Zepto fiscal statements are discussed below. It might help understand the Zepto company share price, which is not disclosed yet.
Since Zepto is currently burning cash as shown in the table above, a detailed breakdown of liquidity is key in ensuring its prospect of becoming profitable in the future. The table below gives a glimpse of the liquidity and expenses incurred by Zepto.
Its current assets along with cash and cash equivalents have increased in FY24, compared to FY23. Moreover, the cost of procurement was around 60.5% of overall expenditure. The employee benefit expenses marked a 62% year-on-year increase.
Now, some ratios of the company can help us understand the progress better. They are discussed below.
Zepto raised $1.6 Billion through nine financing rounds from 52 investors, including General Catalyst, StepStone and Lightspeed Ventures. As of October 2024, Zepto reached a valuation of $5 Billion, making it one of the few companies to stay resilient in a Funding Winter. Unique to Zepto is the fact that it has no competitors backed by VCs and relies only on financial backing.
The table shows a detailed list of some of these funding rounds organised by Zepto. It might aid valuable research for the Zepto share price.
Zepto's IPO Valuation: IPO pricing will likely use EV/Revenue (5.5-6.5x) or EV/GMV (0.15-0.20x) multiples, with P/E becoming relevant only post-profitability (expected FY25-26).
Zepto IPO comprises a fresh issue of tentatively ₹1800-2250 Cr (80-100 lakh shares) and OFS at tentatively ₹2000-2250 Cr (90-110 lakh shares) aimed at working capital requirements and general corporate purposes.
*DRHP yet to be filed. Information is tentative.
Zepto plans to raise ₹4,000-4,500 Crores through its mainboard IPO,
comprising fresh issue and offer for sale. Proceeds will fund dark store
expansion, working capital, technology development, and category diversification
into electronics and home goods. Exact allocation and issue breakdown will be
disclosed in the DRHP filing, expected by end-December 2025 or starting of Jan 2026.
It is believed the allocation of the public offer for Zepto, a major player in the online delivery business, will occur in line with SEBI's allocation standards. Retail investors are likely to be allocated about 33-35% of the issue; high net worth (HNI)/non-institutional investors approximately 14-15%; qualified institutional investors (QIB), including anchor investors, about 47-50%; and market-makers approximately 5%. The specific quota percentages and minimum bid amounts will be disclosed in the draft red herring prospectus (DRHP) filing and the price band notification that is expected to be available in late December 2025.
Anchor investors, who subscribe one to two days prior to the public bidding window opening, are anticipated to receive 28 to 30 percent of Zepto's IPO. Prominent institutional funds, insurance firms, and sovereign wealth funds looking for early-bird allocation at the cut-off price are examples of anchor investors.
Given Zepto's $7 billion valuation and unicorn status, it is expected that both new institutional players looking to gain exposure to India's leader in quick commerce and anchor participation from funds like Lightspeed Venture Partners, General Catalyst, and StepStone Group (existing investors) will participate. The SEBI-approved prospectus following the DRHP filing will reveal the final anchor allocation size and investor list.
The important risks and strengths of Zepto IPO are mentioned below:
Strengths:
Market Leadership: 29% market share, 1.5 to 1.6 million daily orders, and the second-largest quick commerce player with a track record of execution in less than ten minutes.
Profitability Path: 75% dark stores; EBITDA margin increased -55.95% → -23.81% EBITDA-positive; FY25–26 breakeven is anticipated.
Capital Efficiency: $1.85 billion from 52 pure financial investors; independent judgement in contrast to Instamart (Swiggy) and Blinkit (Zomato).
Unit Economics: Dark stores are a scalable, capital-efficient model that turns a profit at 2K+ orders per day in 6–9 months.
Category Expansion: The rollout of electronics and home goods opens up higher margins outside of the low-margin grocery market.
Risks:
Despite an improving EBITDA trajectory, profitability is fragile, with a ₹1,249 Cr FY24 loss and margins susceptible to price wars.
Fierce Competition: There is no structural moat, making it simple for customers to switch between Blinkit (46% share) and Instamart (25% share).
Capital Intensity: ₹5,747 Cr FY24 expenses (129% of revenue); ongoing funding is necessary for rapid expansion; IPO is crucial.
Market Saturation: The current penetration of quick commerce in the total addressable market (₹45 billion) is approximately 7%. The market for quick commerce is reaching saturation in metro areas, and unit economics are increasingly challenged in Tier 2 and Tier 3 cities due to lower order volumes.
Regulatory Uncertainty: Flash commerce has some restrictions that may limit its growth potential; also, changes to GST regulations and labor laws can lead to increased costs for operating.
Action Links:
To apply for Zepto IPO, open a demat account here
Zepto IPO Subscription Status: Check live subscription here
Zepto IPO GMP Update: Check current grey market premium here
The Zepto IPO might hit the market soon. Investors are anticipating the share price of Zepto. However, exploring key financial metrics, operational performance, and competitive positioning is necessary to make an optimal investment decision.
Revenue for FY24 was ₹4,454 Cr (+120% YoY), while net loss decreased to ₹1,249 Cr (-28% margin vs. -63% FY23). 75% of dark stores are now EBITDA-positive with 6-9 month profitability timelines; the EBITDA margin increased from -55.95% to -23.81%.
Despite faster growth, the proposed valuation suggests 5.8–7.4x EV/Revenue, which is significantly less than Blinkit's 6.3x. FY25–26 is indicated by the breakeven trajectory.
With its 29% market share leadership, 120% growth trajectory, and improving unit economics at an alluring 5.8-7.4x EV/Revenue, Zepto provides IPO subscribers with exposure to India's rapid commerce evolution. The route entails managing capital requirements and the level of competition through FY25–26 breakeven. Zepto's metrics and positioning deserve consideration alongside peers; quick commerce is still in its early stages and has a high execution variance. Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis only contains informative purposes and not investment advice.
1. What is the Zepto IPO date, listing timeline and subscription dates?
Zepto IPO DRHP filing expected by late December 2025; mainboard opening likely January 2026 (TBA post-SEBI approval). Allotment, refunds/demat credit, and NSE/BSE listing dates will be announced in the RHP.
Track Zepto IPO subscription status live here.
2. What is the Zepto IPO price band, lot size, face value and issue size?
Zepto IPO targets ₹4,000-4,500 Cr ($450-500M) with fresh issue + OFS; face value ₹10/share. Price band ₹2,400-2,750/share (est.), lot size 5-10 shares (TBA).
Track Zepto IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What are Zepto IPO business highlights, revenue and profitability?
Zepto is India's #2 quick commerce players (29% market share) with FY24 revenue ₹4,454 Cr (+120% YoY), net loss ₹1,249 Cr (-28% margin), 1.5-1.6M daily orders, and 75% dark stores EBITDA-positive. Breakeven expected FY25-26.
4. How to apply for Zepto IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA.
Monitor Zepto IPO subscription GMP tracker here.
5. Who are Zepto IPO promoters, founders and major shareholders?
Founders Aadit Palicha & Kaivalya Vohra (Stanford dropouts) lead Zepto. Major pre-IPO shareholders: Lightspeed Venture Partners, General Catalyst, StepStone Group (52 investors total). Promoter stake ~25-30% expected post-IPO dilution.
6. What is Zepto IPO allotment status, RTA and listing date?
Zepto IPO RTA is yet to be announced. Check allotment via PAN/Application No. post-allotment (Jan 2026 est.). Listing on NSE/BSE mainboard expected 4-5 days post-bid closure.
7. What is Zepto IPO GMP today, subscription status and grey market premium?
Current Zepto GMP ₹0 (0%) (as of Dec 20). Zepto IPO GMP trends can be checked here and live subscription status can be checked here.
8. What is Zepto IPO review: Is it worth applying at ₹4,000-4,500 Cr valuation?
Zepto trades at 5.8-7.4x EV/Revenue (discount to Blinkit 6.3x) with 120% growth and FY25-26 breakeven path. 29% market share exposure in ₹45B TAM.
