Zepto IPO is the proposed initial public offering of Zepto Limited, an Indian quick-commerce platform that delivers groceries, fresh produce, household products, electronics, cosmetics and other everyday essentials through its digital platform. Zepto operates through a network of localized dark stores and delivery partners.
Zepto filed its Updated Draft Red Herring Prospectus-I with SEBI on June 8, 2026. The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹8,010 crore and an Offer for Sale of up to 11,34,66,566 equity shares. The equity shares are proposed to be listed on BSE and NSE.
As of March 31, 2026, Zepto reported 47.97 million annual transacting users, 1,139 dark stores at the quarter-end and 2.33 million orders per day during the quarter ended March 31, 2026. Revenue from operations for FY2026 was ₹22,623.58 crore, while the company reported a loss of ₹5,905.19 crore.
Table of Contents
Zepto IPO Details Information
The following details are based on the latest publicly available UDRHP-I dated June 8, 2026. The price band, final fresh-issue share count, total rupee issue size including OFS, bidding dates and lot size were not finalized in the UDRHP-I.
| Particulars | Information |
|---|---|
| IPO Name | Zepto IPO |
| Company Name | Zepto Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹5 Per Equity Share |
| Price Band | |
| Fresh Issue | Up to ₹8,010 Crore |
| Fresh Issue Shares | |
| Offer for Sale | Up to 11,34,66,566 Equity Shares |
| Total Issue Size | |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | 7 BRLMs |
The UDRHP-I states that Zepto may consider a pre-IPO placement of specified securities aggregating up to ₹1,602 crore. If completed, the amount raised through the pre-IPO placement would be reduced from the fresh issue, subject to applicable regulations.
Zepto IPO Dates
The IPO bidding schedule had not been finalized in the June 8, 2026 UDRHP-I. Therefore, the official opening, closing, allotment and listing dates are left blank until the RHP and final issue schedule are published.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The UDRHP-I bid/offer programme contains placeholders for the anchor bidding date and IPO opening and closing dates.
Zepto IPO Reservation
Zepto’s IPO is being made under Regulation 6(2) of the SEBI ICDR Regulations because the company does not satisfy the eligibility requirements under Regulation 6(1)(a) and 6(1)(b). The UDRHP-I provides for at least 75% of the Net Offer to QIBs, not more than 15% to Non-Institutional Bidders and not more than 10% to Retail Individual Bidders, subject to the applicable offer structure.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% |
| Non-Institutional Investors (NII) | Not more than 15% |
| Retail Individual Investors (RII) | Not more than 10% |
| Employee Category | As applicable |
The UDRHP-I also provides for an Employee Reservation Portion, with the final allocation details to be reflected in the final offer documents.
Zepto IPO Lot Size
The IPO lot size and minimum application amount had not been announced in the UDRHP-I.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum | ||
| S-HNI Maximum | ||
| B-HNI Minimum |
The final lot size will be determined after the price band and offer structure are finalized.
About Zepto
Zepto Limited operates a quick-commerce platform focused on delivering everyday essentials to customers within minutes. Customers browse products on the platform, place orders and make payments, while products are listed by merchant partners and fulfilled through Zepto’s network of localized dark stores and delivery partners.
The company was originally incorporated as Kiranakart Technologies Private Limited in December 2020. It subsequently changed its name to Zepto Private Limited and was converted into a public limited company under the name Zepto Limited in December 2025. Its registered office is in Mumbai, while its corporate office is located in Bengaluru.
Zepto has expanded its operating network rapidly. For the quarter ended March 31, 2026, the company reported 210.01 million orders, 2,333,488 orders per day, 2,140 orders per store per day and 47.97 million annual transacting users. The closing number of stores at March 31, 2026 was 1,139.
Business Operations
Zepto’s business operations include:
- Quick-Commerce Platform – Digital ordering and delivery of everyday products.
- Grocery Delivery – Fresh produce, packaged food and household grocery products.
- General Merchandise – Household items, personal care and everyday essentials.
- Electronics – Consumer electronics and related products available through the platform.
- Beauty and Cosmetics – Beauty, personal care and cosmetic products.
- Merchant Partnerships – Products are listed by merchant partners on the platform.
- Dark Stores – Orders are fulfilled through Zepto’s localized dark-store network.
- Delivery Network – Delivery partners support last-mile order fulfilment.
- Advertising – Brands and merchants can use Zepto’s platform for advertising.
- Subscription and Platform Services – Revenue also includes user fees, subscription income and advertising income.
- Procurement and Distribution – The business includes procurement and distribution activities alongside its platform operations.
Zepto’s principal revenue sources include commissions on products sold through its platform, advertising revenue and other platform-related income.
Industry Overview
India’s quick-commerce market has expanded rapidly with rising smartphone usage, digital payments, urban internet penetration and changing consumer expectations around convenience. Customers increasingly use digital platforms for grocery and everyday-product purchases where delivery speed and product availability are important.
The industry is also characterized by significant investment in dark stores, technology, logistics, delivery infrastructure and customer acquisition. Quick-commerce companies therefore need to balance rapid network expansion with store productivity, order density and operating costs.
Zepto operates in this competitive environment through a localized fulfilment model. Its March 2026 data showed 1,139 closing stores and 2.33 million orders per day during the quarter, while orders per store per day reached 2,140.
Business Strategy
Zepto’s business strategy is centered on expanding its dark-store network, improving store productivity, investing in technology and cloud infrastructure, and increasing customer and brand engagement.
The company plans to use a substantial portion of the IPO proceeds for expanding its dark-store network in existing and new geographies. It has also proposed expenditure toward lease rentals of existing dark stores, technology and cloud infrastructure, and marketing and business promotion through Zepto Marketplace Private Limited.
Zepto also intends to continue improving its order density and operating infrastructure. In the March 2026 quarter, the company reported 2,140 orders per store per day compared with 1,425 in the March 2025 quarter.
Zepto IPO Financial Information
Zepto’s financial results show significant growth in revenue and operating scale, alongside continued losses. Revenue from operations increased from ₹4,454.47 crore in FY2024 to ₹11,127.82 crore in FY2025 and ₹22,623.58 crore in FY2026. The company reported a restated loss of ₹5,905.19 crore in FY2026.
Zepto Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹4,454.47 Crore | ₹11,127.82 Crore | ₹22,623.58 Crore |
| Total Income | ₹4,544.17 Crore | ₹11,602.75 Crore | ₹23,128.38 Crore |
| EBITDA | -₹1,029.17 Crore | -₹4,153.65 Crore | -₹4,746.15 Crore |
| Profit After Tax (PAT) | -₹1,214.79 Crore | -₹4,699.71 Crore | -₹5,905.19 Crore |
| Total Assets | |||
| Net Worth | ₹2,864.48 Crore | ₹6,147.84 Crore | ₹3,559.60 Crore |
| Total Borrowings | ₹171.61 Crore | Nil | Nil |
Revenue from operations more than doubled in FY2026, reaching ₹22,623.58 crore. However, the restated loss also increased to ₹5,905.19 crore. The company had nil borrowings as of March 31, 2025 and March 31, 2026.
Zepto’s FY2026 adjusted EBITDA was negative ₹5,041.55 crore, compared with negative ₹4,521.69 crore in FY2025 and negative ₹1,124.59 crore in FY2024.
Zepto IPO Key Performance Indicators (KPIs)
The UDRHP-I provides several operating and financial KPIs covering FY2024, FY2025 and FY2026.
| KPI | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Return on Net Worth (RoNW) | -42.41% | -76.44% | -165.89% |
| Return on Capital Employed (ROCE) | |||
| PAT Margin | |||
| EBITDA Margin | -21.50% | -35.59% | -20.32% |
| Debt-to-Equity Ratio | |||
| Fixed Asset Turnover | |||
| EPS | -₹1.14 | -₹3.64 | -₹5.05 |
| NAV Per Share | ₹2.49 | ₹4.14 | ₹2.95 |
The UDRHP-I reports FY2026 RoNW of -165.89%, FY2025 RoNW of -76.44% and FY2024 RoNW of -42.41%. Basic and diluted EPS was negative ₹5.05 in FY2026.
Zepto’s adjusted EBITDA margin improved during FY2026 from the previous year’s level, although it remained negative at -20.32%. The company also reported negative operating cash flow and negative free cash flow for FY2026.
Operationally, Zepto processed 640.18 million orders during FY2026 compared with 332.11 million in FY2025 and 132.87 million in FY2024.
Objects of the Zepto IPO
The fresh issue proceeds are proposed to be used for the following purposes:
- Expansion of the dark-store network through new dark stores in existing and new geographies – ₹1,628.98 crore.
- 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 – ₹520 crore.
- Funding inorganic growth through unidentified acquisitions and general corporate purposes – amount to be finalized.
- The cumulative amount for unidentified acquisitions and general corporate purposes cannot exceed 35% of the gross proceeds from the Fresh Issue.
- General corporate purposes cannot exceed 25% of the gross proceeds from the Fresh Issue.
- Inorganic acquisitions cannot exceed 10% of the gross proceeds from the Fresh Issue.
The proposed deployment schedule covers FY2027 through FY2030. The UDRHP-I states that the company will not receive proceeds from the OFS portion; those proceeds will belong to the respective selling shareholders.
Zepto IPO Listing Performance
Zepto is currently unlisted. Therefore, there is no historical IPO listing price or listing gain.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The UDRHP-I proposes listing Zepto’s equity shares on BSE and NSE.
Zepto IPO Subscription Status
The Zepto IPO has not yet opened for public subscription because the final price band and bidding schedule have not been announced.
Zepto IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
Subscription figures will be updated once the IPO opens for bidding.
Zepto IPO Review
Zepto has demonstrated rapid growth in its operating scale. Revenue from operations increased from ₹4,454.47 crore in FY2024 to ₹22,623.58 crore in FY2026, while annual orders increased from 132.87 million to 640.18 million during the same period.
The company has also expanded its dark-store network and customer base. As of March 31, 2026, Zepto reported 47.97 million annual transacting users and 1,139 closing stores. Orders per store per day reached 2,140 in the March 2026 quarter.
At the same time, Zepto remains loss-making. Its FY2026 restated loss was ₹5,905.19 crore, adjusted EBITDA was negative ₹5,041.55 crore and net cash used in operating activities was ₹3,462.44 crore. These financial characteristics and the substantial spending requirements of the quick-commerce model are important considerations in evaluating the IPO.
Zepto IPO Strengths
- Rapid growth in revenue from operations.
- Strong increase in total order volumes.
- 47.97 million annual transacting users as of March 31, 2026.
- 1,139 closing dark stores at March 31, 2026.
- 2.33 million orders per day in the March 2026 quarter.
- 2,140 orders per store per day in the March 2026 quarter.
- Growing advertising revenue.
- Expansion into existing and new geographies.
- Investment in technology and cloud infrastructure.
- Large and expanding quick-commerce platform.
- Strong growth in order volumes between FY2024 and FY2026.
- Nil borrowings as of March 31, 2026.
- Large cash and investment balance of ₹5,680.53 crore at March 31, 2026.
Zepto IPO Risk Factors
- Zepto reported a substantial net loss in FY2026.
- Adjusted EBITDA remained negative.
- Operating cash flow remained negative.
- Free cash flow was negative in FY2026.
- Quick-commerce operations require significant investment in dark stores and delivery infrastructure.
- High competition in India’s quick-commerce industry.
- Dependence on continued customer and order growth.
- Dark-store rental expenses are substantial.
- Technology and cloud infrastructure require continuing investment.
- Customer acquisition and marketing expenses may remain significant.
- The company operates in a rapidly evolving regulatory environment.
- Changes in consumer behaviour could affect order volumes.
- The company disclosed regulatory and tax proceedings in its IPO documents.
- The Enforcement Directorate issued summons to promoters Aadit Palicha and Kaivalya Vohra in April 2026 under FEMA-related provisions, as disclosed in the UDRHP-I.
- The final IPO price and valuation had not been disclosed in the UDRHP-I.
- Future profitability is dependent on scaling and improving operating economics.
Zepto IPO Promoters
The promoters of Zepto Limited are 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 promoters collectively held approximately 18.47% of Zepto’s issued, subscribed and paid-up equity share capital on a fully diluted basis as disclosed in the UDRHP-I.
Zepto IPO Promoters Details
| Promoter | Shares Held | Holding |
|---|---|---|
| Aadit Palicha | 134,459,146 | 1.07% |
| Kaivalya Vohra | 112,049,289 | 0.89% |
| Lazarus Trust | 1,138,384,797 | 9.03% |
| The Vohra Trust | 943,054,929 | 7.48% |
| Kavit Palicha | Trustee of Lazarus Trust | |
| Jaideep Vohra | Trustee of The Vohra Trust |
The shareholding percentages are based on the fully diluted shareholding disclosed in the UDRHP-I. Kavit Palicha and Jaideep Vohra act as trustees for the respective promoter trusts.
Zepto IPO Management Team
Zepto’s official investor-relations governance page lists its founders and senior management team. Aadit Palicha is CEO and Co-founder, while Kaivalya Vohra is President – Technology & Product and Co-founder.
| Name | Designation |
|---|---|
| Aadit Palicha | CEO & Co-founder |
| Kaivalya Vohra | President – Technology & Product & Co-founder |
| Ramesh Bafna | Chief Financial Officer |
| Vinay Dhanani | President – Supply Chain |
| Nikhil Mittal | Chief Technology Officer |
| Sneha Arora | Chief Human Resources Officer |
| Devendra Meel | Chief Business Officer |
| Vikas Sharma | Chief Operating Officer |
| Ankit Agarwal | Chief Product Officer |
| Divesh Sawhney | Chief Growth Officer |
| Chandan Mendiratta | Chief Brand Officer |
| Samad Shariff | Company Secretary & Compliance Officer |
| Sandip Khetawat | Chief Accounting Officer |
| Panduranga Acharya | General Counsel |
| Ajinkya Jadhav | Head, Investor Relations |
These management positions are listed on Zepto’s official investor-relations governance page.
Zepto IPO Registrar Details
KFin Technologies Limited has been appointed as the Registrar to the Zepto IPO.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Contact Person | M. Murali Krishna |
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| Email ID | [email protected] |
| Website | www.kfintech.com |
| IPO Allotment Status |
The UDRHP-I identifies KFin Technologies Limited as the Registrar to the Offer and provides M. Murali Krishna as the contact person.
Zepto IPO Lead Manager Details
Zepto has appointed seven Book Running Lead Managers for the proposed IPO.
| No. | Lead Manager |
|---|---|
| 1 | Axis Capital Limited |
| 2 | Morgan Stanley India Company Private Limited |
| 3 | Goldman Sachs (India) Securities Private Limited |
| 4 | Motilal Oswal Investment Advisors Limited |
| 5 | HSBC Securities and Capital Markets (India) Private Limited |
| 6 | JM Financial Limited |
| 7 | IIFL Capital Services Limited |
The UDRHP-I lists all seven BRLMs and their respective IPO contact details.
Zepto Contact Details
| Particular | Details |
|---|---|
| Company Name | Zepto Limited |
| Registered Office | Hiranandani Lighthall, A Wing, 6th Floor, Saki Vihar Road, Andheri East, Mumbai – 400072, Maharashtra |
| Corporate Office | Second Floor, 773, Sarjapur Main Road, Kaikondarahalli, Bengaluru – 560103, Karnataka |
| Phone | +91 96062 42106 |
| Email ID | [email protected] |
| Website | www.zepto.com |
| Investor Relations Email | [email protected] |
The registered office, corporate office, contact person and company email are disclosed in Zepto’s IPO documents. Zepto’s investor-relations website separately provides investor queries through [email protected].
Prospectus / Documents
Zepto has filed its Updated Draft Red Herring Prospectus-I dated June 8, 2026 with SEBI and the stock exchanges. The company has also made the relevant IPO documents available through its investor-relations website.
| Document | Status |
|---|---|
| DRHP | Filed |
| Updated DRHP-I | Filed on June 8, 2026 |
| Draft Abridged Prospectus | Available |
| RHP | |
| Prospectus | |
| Annual Financial Statements | Available |
| IPO Industry Report | Available |
The official SEBI abridged prospectus identifies the UDRHP-I dated June 8, 2026 and directs investors to Zepto’s investor-relations website for the complete document.
How to Check Zepto IPO Allotment Status
Zepto IPO allotment status will become available after the IPO closes and the basis of allotment is finalized.
Through Registrar
- Visit the official KFin Technologies IPO allotment website.
- Select Zepto IPO from the IPO list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Complete the verification process.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Zepto IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the required verification.
- Click Search to view the allotment status.
The Zepto IPO allotment status is not currently available because the IPO has not yet entered its public bidding period.
Zepto IPO Conclusion
Zepto is one of India’s major quick-commerce platforms and has expanded its operations rapidly through a network of dark stores, delivery partners and merchant relationships. The company reported 640.18 million orders during FY2026 and 47.97 million annual transacting users as of March 31, 2026.
The company has also recorded substantial revenue growth. Revenue from operations increased from ₹4,454.47 crore in FY2024 to ₹22,623.58 crore in FY2026. However, Zepto remained loss-making, with a FY2026 restated loss of ₹5,905.19 crore and negative adjusted EBITDA of ₹5,041.55 crore.
The proposed IPO comprises a fresh issue of up to ₹8,010 crore and an OFS of up to 11,34,66,566 equity shares. The fresh issue proceeds are proposed for dark-store expansion, existing-store lease rentals, technology and cloud infrastructure, marketing and business promotion, and other permitted purposes. The final price band, lot size, IPO dates and final issue size remain to be announced.
Zepto IPO FAQs
What is Zepto IPO?
Zepto IPO is the proposed initial public offering of Zepto Limited, an Indian quick-commerce company that delivers groceries, household products and other everyday essentials through its digital platform.
What is the price band of Zepto IPO?
The price band of Zepto IPO has not yet been announced.
What is the issue size of Zepto IPO?
The proposed IPO comprises a fresh issue aggregating up to ₹8,010 crore and an Offer for Sale of up to 11,34,66,566 equity shares. The final total issue size will depend on the final fresh-issue share count and OFS price.
Is Zepto IPO a fresh issue or OFS?
Zepto IPO comprises both a Fresh Issue and an Offer for Sale. The fresh issue is proposed to raise up to ₹8,010 crore, while existing shareholders may sell up to 11,34,66,566 equity shares.
When will Zepto IPO open?
The Zepto IPO opening date has not yet been announced.
When will Zepto IPO close?
The Zepto IPO closing date has not yet been announced.
Who is the registrar of Zepto IPO?
KFin Technologies Limited is the registrar to the Zepto IPO.
Who are the promoters of Zepto?
The promoters are 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.
Who is the CEO of Zepto?
Aadit Palicha is the CEO and Co-founder of Zepto Limited.
What was Zepto’s revenue in FY2026?
Zepto reported revenue from operations of ₹22,623.58 crore in FY2026.
What was Zepto’s PAT in FY2026?
Zepto reported a restated loss of ₹5,905.19 crore in FY2026.
What is the lot size of Zepto IPO?
The Zepto IPO lot size has not yet been announced.
On which exchanges will Zepto shares be listed?
Zepto’s proposed IPO shares are intended to be listed on BSE and NSE.
What will Zepto use the IPO funds for?
The proposed fresh-issue proceeds will be used for dark-store expansion, lease rentals of existing dark stores, technology and cloud infrastructure, marketing and business promotion, and permitted inorganic growth/general corporate purposes.
