Business Profile of ZEPTO Limited
Zepto Limited was incorporated in December 2020 and it is one of India’s leading quick commerce companies that enables ultra-fast delivery of groceries, fresh produce, FMCG products, electronics, personal care items, and other daily essentials through its technology-driven platform. The company generates revenue through commissions on product sales, advertising services, delivery and logistics fees, and procurement and distribution activities. It operates a network of 1,139 dark stores across 66 cities in India and offers an average of 46,623 SKUs, ranging from fruits and vegetables to household electronics and cosmetics. As of March 31, 2026, Zepto served 47.97 million Annual Transacting Users (ATUs) and processed an average of 2.33 million orders per day. The company achieved a Net Receivables Value (NRV) of ₹248,155.39 million in Fiscal 2026 and employed 5,212 permanent employees.
Objective of ZEPTO Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨5.00 each aggregating up to ₹ 80,100.00 million and OFS consists 113,466,566 shares at face value of ₨ 5.00 each aggregating up to Rs XXXX million. There are fresh shares issues and OFS by company and main objective of company is expansion of dark store network, investment in subsidiary, Investment in technology and cloud infrastructure, Funding inorganic growth and general corporate purposes.
Details of ZEPTO Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹5.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity shares |
| Aggregating up to ₨ XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 80,100.00 million. | |
| Offer For Sale | Up to 113,466,566 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
ZEPTO Limited IPO: Issue Price & Size
The issue price of ZEPTOLIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of ZEPTO Limited IPO
The IPO opening date of ZEPTOLIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of ZEPTO Limited
| Particulars (In millions) | Ended March 31 , 2026 |
Ended March 31 , 2025 |
Ended March 31 , 2024 |
| INCOME | |||
| Revenue from operations | 226,235.84 | 111,099.47 | 44,545.16 |
| Other income | 5,047.94 | 4,928.07 | 896.56 |
| Total income | 231,283.78 | 116,027.54 | 45,441.72 |
| EXPENSES | |||
| Purchase of traded goods | 184,849.75 | 100,260.18 | 34,626.73 |
| Change in inventories of traded goods | ( 2,866.07 ) | ( 4,838.95 ) | 311.86 |
| Delivery and handling expense | 30,463.41 | 15,989.35 | 5,808.72 |
| Employee benefits expense | 17,846.67 | 12,406.43 | 4,261.94 |
| Finance costs | 2,647.91 | 1,377.08 | 568.94 |
| Depreciation and amortisation expense | 8,942.56 | 4,040.75 | 1,209.80 |
| Other expenses | 48,383.23 | 33,175.85 | 10,724.15 |
| Total expenses | 290,267.46 | 162,410.69 | 57,512.14 |
| Restated loss before exceptional items and tax | ( 58,983.68 ) | ( 46,383.15 ) | ( 12,070.42 ) |
| Exceptional items | 68.24 | 571.18 | – |
| Restated loss before tax | ( 59,051.92 ) | ( 46,954.33 ) | ( 12,070.42 ) |
Key financial ratios of ZEPTO Limited
| Particulars (in crores) | Ended March 31 , 2026 |
Ended March 31 , 2025 |
Ended March 31 , 2024 |
| Assets | 13,510.11 | 13,800.13 | 2,898.27 |
| Total Income | 23,128.38 | 11,602.75 | 4,544.17 |
| Profit After Tax | -5,905.19 | -4,699.71 | -1,214.79 |
| EBITDA | -4,746.15 | -4,153.65 | -1,029.17 |
| NET Worth | 3,559.60 | 6,147.84 | 2,864.48 |
Promoters & Shareholding ZEPTO Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 69.29% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 2,465,084,357 | 69.29 |
| Public | 151,881,482 | 4.27 |
| Shares held by Employee Trust | 940,439,085 | 26.44 |
| Total (A+B) | 3,557,404,924 | 100 |
Should You Subscribe To ZEPTO Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of ZEPTO Limited IPO
Higher Network Density
This densification flywheel on higher order volume in a neighborhood, which translates to lower delivery distances, is also complemented by the cascading effect of higher order volume in a neighborhood with higher order volume per dark store for stores in that neighborhood. This results in lower Fixed Cost per Order, higher manpower productivity and lower perishable product expiry per order. As a result of these targeted efforts, they have expanded user base, recorded a growth in OPD and reduced the Average Distance per Order.
Last Mile Delivery Platform
Their in-house last mile delivery platform powers end-to-end last-mile operations, from rider onboarding (which is typically targeted to be completed in under 60 minutes) to supply-demand matching, shift planning, surge management, incentive optimization, and cash-on-delivery tracking. It integrates live maps, traffic, and weather data for route optimization, improving partner productivity and delivery reliability.
Data Flywheel Drives Personalization
The company business is also ingrained with a self-reinforcing data flywheel that strengthens product assortment and availability and drives sustained growth for user base and order volume. As order volumes scale, company capture increasingly granular search behavior, purchase signals, and micro-market trends. These data points help them improve product assortment relevance in each area and increase availability for products that show demand potential which improves in user experience drives stronger user engagement and repeat purchases.
Operational Excellence to Drive Cost Improvements
Operational excellence has been a core tenet of business, with each element of their value chain designed for reliability, and scalability. They have built a range of in-house processes and in-house software, including its WMS, workforce management platform for on ground personnel, automated picking and packing systems, putto-light system and workforce management tools. These innovations have delivered improvements in productivity, speed, and consistency of outcomes across their operations.
Risk Factors of ZEPTO Limited IPO
Continued Losses and Cash Burn
The company has incurred losses and has had negative cash flows from operating activities since its inception. Specifically, they had restated loss for the year of ₹59,051.92 million, ₹46,997.14 million and ₹12,147.94 million in Fiscals 2026, 2025 and 2024, respectively. If the company is unable to generate sufficient revenue growth, its losses may continue to increase. Further, they may not be able to sustain its historical growth rates, and their historical performance may not be indicative of company future growth or financial results.
Partner Retention Key to Revenue Growth
The company growth depends on its ability to attract and retain Brand Partners, Merchant Partners and Farmer Partner Network on platform and consequently, increase the assortment of SKUs on their platform and revenue from its advertising services. Any failure to do so in a cost-effective manner and at competitive prices may diminish their ability to attract and retain Merchant Partners on their platform which impact ability to earn revenue from Merchant Partners and Brand Partners.
Dark Store Expansion Critical to Growth
Dark stores are critical for business. They intend to use a part of the Net Proceeds for: (a) expenditure for expansion of dark store network through setting up of new dark stores in existing and new geographies; and (b) expenditure towards lease rentals of existing dark stores. Dark stores directly operated by company, are situated on leasehold basis pursuant to lease agreements. Their failure to manage and expand dark store network cost-effectively, could have an adverse impact on business, financial condition, cash flows and results of operations.
Future Acquisitions and Partnerships Carry Risk
The company may not be able to successfully consummate and manage future acquisition, joint venture and business partnership activities, which could have an adverse impact on its results. Additionally, they intend to utilize a portion of the Net Proceeds for inorganic growth through acquisitions, although such acquisition targets have yet to be identified. If the allocated portion of the Net Proceeds is insufficient to cover for the cost of the relevant inorganic acquisition, company may need to seek alternative forms of funding.
ZEPTO Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the ZEPTO LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
