Zepto IPO
Zepto IPO is a proposed Mainboard book-built issue comprising a fresh issue of up to ₹8,010 crore and an Offer for Sale of up to 11,34,66,566 equity shares. The price band, IPO dates and lot size are yet to be announced.
Zepto IPO Details
Zepto Limited is a quick-commerce company operating a technology-enabled platform for ordering groceries, daily essentials and other consumer products through its network of dark stores and delivery partners. The company filed its Updated Draft Red Herring Prospectus-I in June 2026 for a proposed IPO comprising a fresh issue of up to ₹8,010 crore and an Offer for Sale of up to 11,34,66,566 equity shares. The final price band, bidding dates, lot size and listing date have not yet been announced.
Zepto IPO Timeline (Tentative)
The Zepto IPO opening and closing dates have not yet been announced. The June 2026 UDRHP-I contains placeholders for the Bid/Offer Opening Date and Bid/Offer Closing Date, while the company subsequently stated in August 2026 that it would proceed with a pre-IPO private placement and update its draft IPO documents before listing within the SEBI-approved timeline. Therefore, the allotment, refund, demat credit and listing dates remain blank until the final IPO schedule is announced.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
Zepto IPO Lot Size
The Zepto IPO lot size has not yet been announced. Since the final price band and minimum bid quantity are still pending, the number of shares per lot and corresponding application amounts cannot be calculated. The lot size table will be updated after the company announces the final IPO terms.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Zepto IPO Reservation
Zepto IPO is required to reserve at least 75% of the Net Offer for Qualified Institutional Buyers, while not more than 15% is available for Non-Institutional Bidders and not more than 10% for Retail Individual Bidders. The final share allocation will be determined in accordance with the final offer documents.
Zepto IPO Subscription
The Zepto IPO has not opened for public subscription, so no official category-wise subscription figures are available. QIB, NII, Retail and Total subscription figures will become available after the bidding period begins.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Zepto
Zepto Limited operates a technology-enabled quick-commerce platform through which users can order groceries, daily essentials, electronics, beauty products, household products and other consumer categories. The company uses a network of dark stores, merchant partners and delivery partners to fulfil orders. Zepto was originally incorporated as Kiranakart Technologies Private Limited in December 2020, subsequently renamed Zepto Private Limited in April 2025 and converted into a public limited company as Zepto Limited in December 2025.
As of March 31, 2026, Zepto operated 1,139 dark stores across 66 cities in India and served 47.97 million Annual Transacting Users. During the three months ended March 31, 2026, the platform processed approximately 210 million orders and recorded average Orders per Day of 2.33 million. Orders per store per day stood at 2,140 in the March 2026 quarter.
The company's operating model is supported by technology covering warehouse management, demand forecasting, inventory management, delivery operations, workforce management and advertising. Zepto also generates advertising revenue from brands on its platform. For FY2026, revenue from operations was ₹22,623.58 crore, while advertisement revenue was ₹1,635.73 crore.
Strengths
- Technology-enabled quick-commerce platform with a large dark-store network.
- 1,139 dark stores across 66 cities as of March 31, 2026.
- 47.97 million Annual Transacting Users during FY2026.
- Average Orders per Day of approximately 2.33 million in Q4 FY2026.
- Orders per store per day increased to 2,140 in the March 2026 quarter.
- Advertising revenue increased to ₹1,635.73 crore in FY2026.
- Proposed expansion includes approximately 1,904 additional dark stores.
- Integrated technology infrastructure covering fulfilment, inventory, delivery and advertising operations.
Risks to Consider
- The company has reported losses since inception and recorded a restated loss of ₹5,905.19 crore in FY2026.
- Free cash flow remained negative at ₹4,329.54 crore in FY2026.
- Expansion of the dark-store network requires significant expenditure and successful execution across locations.
- The quick-commerce industry is highly competitive, with multiple established and emerging platforms competing for customers, delivery partners and merchant relationships.
- The company's business depends on continued growth in order volumes, user engagement and store productivity.
- The final IPO valuation and price band have not yet been announced.
- The UDRHP discloses regulatory and legal proceedings involving the company and its promoters, including proceedings under the Foreign Exchange Management Act disclosed in relation to summons received by two promoters.
Zepto Financials (₹ Cr)
Zepto reported substantial growth in revenue from operations during the three financial years ended March 31, 2024, March 31, 2025 and March 31, 2026. Revenue from operations increased from ₹4,454.52 crore in FY2024 to ₹11,109.95 crore in FY2025 and ₹22,623.58 crore in FY2026. During the same period, the company reported losses of ₹1,214.79 crore, ₹4,699.71 crore and ₹5,905.19 crore, respectively. Total assets stood at ₹13,510.11 crore and net worth at ₹3,559.60 crore as of March 31, 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | ₹22,623.58 Cr | -₹5,905.19 Cr | ₹13,510.11 Cr | ₹3,559.60 Cr |
| FY2025 | ₹11,109.95 Cr | -₹4,699.71 Cr | ₹13,800.13 Cr | ₹3,559.60 Cr |
| FY2024 | ₹4,454.52 Cr | -₹1,214.79 Cr | ₹2,898.27 Cr | ₹2,864.48 Cr |
KPIs & Valuation
Zepto reported negative earnings for FY2026, with basic and diluted EPS of -₹5.05. Its FY2026 RoNW was -165.89% and NAV was ₹2.95 per share. The company reported an adjusted EBITDA margin of -20.32%, PAT margin of -26.10% and RoCE of -60.47%. Since the IPO price band has not been finalised, the P/E and price-to-book valuation cannot yet be calculated.
Objects of the Issue
The company intends to utilise the Net Proceeds from the fresh issue for the following purposes:
- Expenditure for expansion of the dark store network through setting up new dark stores in existing and new geographies – ₹1,628.98 crore.
- Expenditure towards lease rentals of existing dark stores – ₹1,734.94 crore.
- Investment in technology and cloud infrastructure – ₹1,324.78 crore.
- Investment in Zepto Marketplace Private Limited for marketing and business promotion expenses to enhance brand awareness and visibility of the platform – ₹520 crore.
- Funding inorganic growth through unidentified acquisitions.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Zepto Limited is promoted by Aadit Palicha, Kaivalya Vohra, Lazarus Trust, The Vohra Trust, Kavit Palicha acting as trustee of Lazarus Trust and Jaideep Vohra acting as trustee of The Vohra Trust. The proposed IPO has seven Book Running Lead Managers: Axis Capital Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Motilal Oswal Investment Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and IIFL Capital Services Limited. KFin Technologies Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 67162222 / 18003094001 |
| einward.ris@kfintech.com | |
| Website | www.kfintech.com |
Zepto IPO Review
Zepto has built its business around a quick-commerce model supported by a network of dark stores, technology infrastructure and delivery partners. The company expanded its dark-store network from 337 stores at March 2024 to 1,029 at March 2025 and 1,139 at March 2026. During FY2026, revenue from operations reached ₹22,623.58 crore, compared with ₹11,109.95 crore in FY2025 and ₹4,454.52 crore in FY2024. The company also reported 47.97 million Annual Transacting Users at March 2026 and processed approximately 640 million orders during FY2026.
The proposed fresh issue is primarily intended to support further operating expansion. The company plans to allocate ₹1,628.98 crore towards expansion of its dark-store network, ₹1,734.94 crore towards lease rentals of existing dark stores, ₹1,324.78 crore towards technology and cloud infrastructure and ₹520 crore towards marketing and business promotion through its subsidiary Zepto Marketplace Private Limited. The UDRHP also provides for funding unidentified acquisitions and general corporate purposes, with the relevant amount to be determined after finalisation of the Offer Price.
At the same time, Zepto remains a loss-making company. Its restated loss increased to ₹5,905.19 crore in FY2026 from ₹4,699.71 crore in FY2025, although adjusted EBITDA loss per order improved from ₹136.15 in FY2025 to ₹78.75 in FY2026. Free cash flow also remained negative at ₹4,329.54 crore in FY2026. The final price band and valuation have not yet been disclosed, so a complete valuation assessment cannot be made from the currently available IPO documents.
How to Apply
Zepto IPO applications can be made through ASBA or through the UPI mechanism using a supported broker or IPO application platform once the issue opens for subscription. Since the final price band, lot size and bidding dates have not yet been announced, investors will need to use the final IPO details published in the RHP and exchange notices when the issue becomes available.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Zepto IPO when it becomes available for bidding.
- Enter the number of lots based on the final lot size.
- Select the bid price within the announced price band.
- Retail investors may select the Cut-off option where available.
- Enter your valid UPI ID linked to your bank account.
- Submit the IPO application.
- Open your UPI application when the mandate request is received.
- Approve the UPI mandate using your UPI PIN.
- The application amount will be blocked in the linked bank account.
- If shares are allotted, the required amount will be debited and the shares will be credited to the demat account; otherwise, the blocked amount will be released according to the applicable IPO process.
Prospectus & Documents
Investors can refer to the Updated Draft Red Herring Prospectus-I and related offer documents for information about Zepto's business, financial performance, IPO structure, objects of the issue, promoters, risk factors and other disclosures. The UDRHP-I was dated June 8, 2026 and was filed with SEBI and the stock exchanges. The final RHP and Prospectus will contain the final offer terms once filed.
Last updated Sep 29, 2026.