Two Stanford dropouts, a 10-minute delivery promise, and a Rs 11,000+ crore IPO. That’s the Zepto story in one line. But the actual picture is far more nuanced – massive revenue growth, equally massive losses, a quick commerce market that’s exploding, and a competitive battle with Blinkit and Swiggy Instamart that shows no signs of cooling down.
Zepto received SEBI approval for its IPO on May 8, 2026, and filed its Updated DRHP on June 9, 2026. This makes it the first pure-play quick commerce company heading for a stock exchange listing in India. Whether you’re searching for the zepto ipo details, tracking the zepto ipo gmp, checking the zepto ipo date 2026, or wondering about the zepto ipo price, this is your complete guide to everything we know so far – backed by actual UDRHP data, not speculation.
Zepto: 10-Minute Delivery Startup – Company Overview
Zepto was incorporated in December 2020 and founded in July 2021 by Aadit Palicha and Kaivalya Vohra. Both were Stanford University students who dropped out to build what has become one of India’s fastest-growing startups. The original venture was called KiranaKart, which partnered with local kirana stores for grocery delivery. That model couldn’t scale fast enough, so the founders pivoted to an inventory-led, dark-store-based model with a radical promise: 10-minute delivery.
As of March 2026, Zepto operates 1,139 dark stores across 66 cities in India. The platform offers an average of 46,623 SKUs spanning groceries, fresh produce, FMCG products, electronics, personal care, and even pharmacy items. In Q4 FY26, the company processed an average of 2.33 million orders per day with a median delivery time of approximately 12 minutes. The annual transacting user base stands at 4.80 crore (47.97 million).
The company has raised over $1.2 billion across multiple funding rounds. Its October 2025 Series H round, led by CalPERS, valued Zepto at $7 billion. Other notable investors include General Catalyst, Lightspeed, Nexus Venture Partners, StepStone, and Motilal Oswal Private Wealth. Before the IPO, Zepto completed a reverse merger to shift its domicile from Singapore to India, with NCLT approving the restructuring in January 2025.
Revenue streams include product commissions (78% of operating revenue), warehousing and last-mile delivery fees, platform services, subscription fees (Zepto Pass), and a rapidly growing advertising business.
Source: Zepto UDRHP filed June 9, 2026; Kotak Neo; Inc42; Zepto Wikipedia
Zepto IPO: SEBI Approval Received on May 8, 2026
This is the milestone that sets everything in motion. SEBI issued its observation letter for the Zepto IPO on May 8, 2026, clearing the company to proceed with its public offering. The approval is valid for 18 months.
Zepto had originally filed its confidential DRHP with SEBI on December 26, 2025. The confidential pre-filing route allowed Zepto to seek regulatory feedback without public disclosure of draft documents – a strategic choice given the sensitive nature of financials and competitive dynamics in quick commerce.
Following SEBI approval, Zepto filed its Updated Draft Red Herring Prospectus (UDRHP) on June 9, 2026. This filing disclosed the full financial picture and confirmed the issue structure.
One notable disclosure in the UDRHP: there’s an ongoing FEMA-related compliance matter involving the founders. All requested documents have been submitted to the Enforcement Directorate (ED). Zepto has disclosed this as a risk factor but indicated it doesn’t expect material impact on business operations.
The zepto ipo sebi approved status means the company can now proceed to file its final RHP, announce the price band, and launch the subscription window – all expected within weeks.
Source: Kotak Neo (May 9, 2026); Chittorgarh.com; Upstox (June 9, 2026); MultiBagg.ai
IPO Size: Rs 11,000-12,000 Cr – Fresh Issue + OFS Structure
Based on the UDRHP filing, the Zepto IPO comprises a fresh issue of equity shares worth Rs 8,010 crore and an offer for sale (OFS) of 11.35 crore equity shares by existing shareholders. The total issue size is estimated at Rs 11,000 to Rs 12,000 crore (approximately $1.3 billion), depending on the final price band.
The fresh issue proceeds will fund several priorities. Rs 1,629 crore goes toward expanding the dark store network in existing and new geographies. Rs 1,735 crore covers lease rentals for existing dark stores. Additional funds are earmarked for technology and cloud infrastructure investment, marketing and brand promotion expenses through subsidiary Zepto Marketplace, potential inorganic growth through unidentified acquisitions, and general corporate purposes.
The OFS sellers include Nexus Venture Partners, Contrary ZEP Holdings, Razor Ventures, and Kaiser Foundation – early investors looking to partially monetize their positions.
Zepto is also planning a pre-IPO private placement round of approximately Rs 1,602 crore ($167.5 million). If completed, this amount will be deducted from the fresh issue component.
Seven investment banks are managing the offering: Axis Capital, Goldman Sachs, HSBC Securities, IIFL Capital Services, JM Financial, Morgan Stanley, and Motilal Oswal. KFin Technologies is the registrar. The shares will list on both BSE and NSE.
If the issue proceeds at the reported size, this will be among the largest IPOs linked to India’s quick commerce theme and comparable in scale to the Swiggy IPO (Rs 11,327 crore) from 2024.
Source: Zepto UDRHP; Inc42 (June 10, 2026); Upstox; IPOwiz; Chittorgarh.com
Expected Listing Timeline: July-September 2026
Multiple reports converge on the same window. The Zepto IPO is expected to open for subscription in the July-August 2026 timeframe, with listing projected for the July-September quarter.
Bigul.co estimates the open and close dates in the first week of August 2026, with allotment in the second week and listing shortly after. Other reports suggest the process could be slightly earlier, with the company aiming for a July listing given the UDRHP was filed on June 9.
The timeline makes strategic sense. Listing before the festive season (August-September) would capitalize on positive consumer sentiment and give the company visibility during peak quick commerce demand. It also allows anchor investors to evaluate Q4 FY26 results (which showed revenue of Rs 7,498 crore and narrowing losses) before committing.
The final RHP filing, price band announcement, and exact subscription dates are expected within weeks. Once the price band is announced, GMP activity will intensify significantly.
Source: MultiBagg.ai; Bigul.co; Kotak Neo; IPO Market
Zepto Financials: Revenue Doubling, But Losses at Rs 5,905 Cr
Here’s where the investment debate gets heated. The growth is undeniable. The losses are equally undeniable.
For FY26, Zepto’s revenue from operations surged 104% to Rs 22,624 crore from Rs 11,110 crore in FY25. Revenue from product sales (the core business) grew 92% to Rs 17,588 crore. Warehousing and last-mile services more than doubled to Rs 2,780 crore. And advertising revenue – potentially the highest-margin stream – surged 2.5X to Rs 1,636 crore (up 33X from just Rs 49 crore in FY24).
For context, FY24 revenue was Rs 4,454 crore. In two years, Zepto has grown revenue 5X. The order volume CAGR between FY24 and FY26 was 119.5%.
But the losses. FY26 net loss widened 26% to Rs 5,905 crore from Rs 4,700 crore in FY25 (which itself was up 287% from Rs 1,215 crore in FY24). Total expenses stood at Rs 29,027 crore, driven by procurement costs (Rs 18,199 crore), delivery and handling (Rs 3,046 crore), dark store costs (Rs 2,150 crore), employee expenses (Rs 1,785 crore), and advertising (Rs 1,389 crore).
The positive signal is improving unit economics. Adjusted EBITDA loss per order improved from Rs 136 in FY25 to Rs 79 in FY26, and further to Rs 59 in Q4 FY26. Gross margins expanded from 12.8% to 18.6%. The expense-to-earnings ratio declined to Rs 1.28 from the previous year. Q4 FY26 losses narrowed 16% year-on-year to Rs 1,539 crore on revenue of Rs 7,498 crore.
The elephant in the room: cash runway. Zepto’s closing cash balance was Rs 5,681 crore at end FY26. After accounting for Rs 2,710 crore in lease liabilities, net liquidity is approximately Rs 2,970 crore. At the current quarterly cash burn of Rs 882 crore, that’s roughly 10 months of runway. This makes the IPO not just a growth-funding event but a survival necessity.
Source: Zepto UDRHP; Entrackr (June 10, 2026); Inc42; Outlook Business (June 2026)
Quick Commerce Market: $11.3 Billion Today, $60-83 Billion by 2030
The macro story is Zepto’s strongest argument for investor optimism.
India’s quick commerce market achieved a GMV of approximately Rs 96,300 crore ($11.3 billion) in CY2025. According to UDRHP-cited projections, this market is expected to grow 5-7X to reach Rs 5.1-7.1 lakh crore ($60-83 billion) by CY2030. Over the next five years, India’s retail market is projected to expand by Rs 44-58 lakh crore, with quick commerce contributing an additional Rs 4.1-6.1 lakh crore to that growth.
The drivers are clear. Urbanization is accelerating. Smartphone penetration keeps climbing. India’s young, time-poor, convenience-seeking demographic is expanding. And the pandemic permanently shifted grocery shopping behavior toward digital channels.
Currently, the market is an oligopoly with three major players and two new entrants. Blinkit (owned by Eternal/Zomato) leads with over 50% market share and 1,800+ dark stores. Zepto and Swiggy Instamart compete for second and third positions with roughly 1,100-1,200 dark stores each. Amazon (Now) and Flipkart (Minutes) are entering with deep capital reserves, adding competitive pressure.
The category is also expanding beyond groceries. Electronics, beauty, pharmacy, and lifestyle products are increasingly being delivered in under 15 minutes. This expansion of addressable categories is what drives the bull-case projections toward $60-83 billion.
Source: Zepto UDRHP; BofA Securities Quick Commerce Report; MediaNama (Dec 2025)
Zepto vs Blinkit vs Swiggy Instamart: Market Share Battle
This three-way competition defines the investment case for Zepto.
Blinkit is the clear market leader. In FY26, Blinkit posted revenue of Rs 37,779 crore and achieved positive adjusted EBITDA of Rs 430 crore – the first major quick commerce player to reach this milestone. With 1,800+ dark stores and the backing of Eternal (Zomato’s parent, market cap over Rs 2 lakh crore), Blinkit has the scale advantage and the balance sheet to sustain aggressive expansion.
Swiggy Instamart reported FY26 revenue of Rs 3,859 crore but an EBITDA loss of Rs 3,063 crore. It operates 1,100+ dark stores but has been losing market share. Swiggy’s overall financial health (consolidated loss of Rs 4,154 crore) limits how aggressively Instamart can invest. For more on Swiggy’s challenges, check our detailed analysis.
Zepto sits between the two. FY26 revenue of Rs 22,624 crore is significantly above Instamart but below Blinkit. The adjusted EBITDA loss of Rs 5,042 crore is larger than both competitors. However, Zepto’s order volume CAGR of 119.5% (FY24-FY26) is the fastest in the industry.
The competitive risk that every investor must weigh: Amazon and Flipkart. Both have entered quick commerce with deep war chests and existing customer bases of hundreds of millions. If they choose to subsidize aggressively (and there’s every indication they will), the margin compression across the sector could extend the timeline to profitability for all players, including Zepto.
Source: Inc42; Entrackr; BofA Securities; MediaNama
GMP Expectations: What the Grey Market Is Saying
Since the Zepto IPO price band hasn’t been officially announced yet, formal GMP tracking is premature. However, the grey market has started showing early activity.
Bigul.co reports that Zepto IPO GMP quotations are around Rs 240 per share in early grey market trading. However, this number should be treated with extreme caution. Without a confirmed price band, any GMP figure is highly speculative and based on unlisted share trading dynamics rather than IPO-specific demand.
Most reliable trackers including IPO Central, Chittorgarh, and IPOwiz correctly note that official GMP data is unavailable until the price band is announced and the subscription window approaches. Typically, meaningful GMP activity begins 7-10 days before the open date and can be especially volatile in the final 48 hours.
What we can say with confidence: demand for Zepto’s unlisted shares has been rising since the SEBI approval. The company’s $7 billion valuation from its October 2025 Series H provides a benchmark. If the IPO is priced at or below this valuation, grey market premiums could be meaningful. If priced above, expect muted or negative GMP.
Given how the Ola Electric IPO and Swiggy IPO GMP predictions diverged from actual listing performance, the lesson is clear: treat GMP as a temperature check, not a guarantee.
Source: Bigul.co; Chittorgarh.com; IPO Central; IPOwiz
Should You Apply for Zepto IPO? – Investor Verdict
This is not investment advice. Here’s a factual assessment of both sides.
The bull case is built on India’s quick commerce tailwind (5-7X market growth by 2030), Zepto’s explosive revenue trajectory (5X in two years), improving unit economics (EBITDA loss per order down from Rs 136 to Rs 59), the rapidly scaling advertising business (Rs 1,636 crore, nearly 100% margin), and first-mover advantage as the only pure-play quick commerce stock available to investors.
The bear case is equally real. FY26 losses of Rs 5,905 crore on revenue of Rs 22,624 crore mean the company spends Rs 1.28 for every Rs 1 it earns. Cash runway is approximately 10 months at current burn rates – the IPO isn’t optional, it’s existential. Blinkit is already EBITDA-positive with nearly double Zepto’s dark store count. Amazon and Flipkart’s entry adds a layer of competitive risk that didn’t exist a year ago. And the FEMA-related compliance issue with founders, while disclosed, adds governance uncertainty.
Outlook Business raised a pointed question: at a potential $10 billion valuation, Zepto would trade at roughly 10-15X forward revenue with profitability still two to three years away. The margin for execution error is thin.
For retail investors, a practical approach would be to apply for one lot at cut-off and treat any allotment as a volatile, long-term position. The quick commerce story in India is real, but Zepto’s individual path to profitability remains unproven. If you’re considering this IPO, reviewing how similar loss-making tech IPOs performed post-listing – including the HDB Financial Services IPO and Tata Capital IPO – provides useful context on how the market rewards (or punishes) different business profiles.
Stay updated on all upcoming listings at our IPO News page.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All data is based on publicly available sources including Zepto’s UDRHP filed with SEBI. IPO details including price band, lot size, and subscription dates are subject to change. Always consult a SEBI-registered financial advisor before making investment decisions.
Last updated: June 2026
