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Zepto IPO

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Upcoming IPO. View DRHP for more details.

About the Company
Zepto is the fastest growing quick commerce platform in India, operating through a network of 1,139 dark stores across 66 cities as of March 31, 2026. The company delivers an average of 46,623 SKUs ranging from fresh fruits and vegetables to household electronics and cosmetics through an intuitive digital interface, targeting rapid delivery to users. The company's business model focuses on commission from products sold on the platform, advertisement revenue, delivery and logistics fees, and revenue from procurement and distribution, supported by automated supply chain infrastructure and extensive delivery partner network.
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Founded In

2020

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Director

Paul Hudson

Financials of Zepto IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue4,454.5211,109.9522,623.58
Other Income89.66492.81504.79
Total Income
4,544.1711,602.7523,128.38
Total Expenses
5,751.2116,241.0729,026.75
Profit Before Tax-1,207.04-4,695.43-5,905.19
Total Profit
-1,214.79-4,699.71-5,905.19

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to utilize funds for capital expenditure in relation to opening approximately 1,904 dark stores, measuring an aggregate of approximately 6.66 million square feet to 7.62 million square feet. The capital expenditure comprises fit-out items, cold room, cooling equipment, stabiliser, direct items, racks, bins and crates, CCTV and information technology infrastructure.1,629
The company intends to utilize funds towards making lease payments of dark stores for Fiscals 2027, 2028, 2029 and 2030. The lease payments are based on actual amounts payable based on valid and existing lease deeds which have been entered into by the company with various lessors for the dark stores.1,735
The company intends to continue investing in its in-house technology stack as a critical lever to unlock additional cost efficiencies, expand margins, and enhance platform scalability. The funds will be used for cloud storage and infrastructure services, data processing and analytics services, and other efficiency and automation tools.1,325
The company proposes to invest in its subsidiary ZMPL in the form of equity, which will carry out marketing and business promotion activities. The deployment includes digital marketing, brand marketing through print media campaigns, television, digital media and online media based on business requirements.520
The company expects to utilize funds towards funding inorganic growth through acquisitions and general corporate purposes. Potential acquisitions will be undertaken to augment growth and strengthen business across multiple dimensions within the quick commerce ecosystem, subject to regulatory limits.-
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  • Densification flywheel that lowers delivery costs and deepens user value proposition: The company's densification strategy creates a self-reinforcing effect where higher order volumes enable more dark stores, reducing average distance per order from 2.05 km in Fiscal 2024 to 1.83 km in March 2026, ultimately driving lower delivery costs and better user value.
  • Data flywheel that enhances user experience through personalization: The company captures granular search behavior and purchase signals to improve product assortment, expanding from 12,312 SKUs in Fiscal 2024 to 49,602 SKUs in March 2026, driving stronger user engagement and repeat purchases.
  • Focus on operational excellence to drive cost improvements: The company has built in-house processes including WMS, workforce management platform, and automation systems like 'Put to Light' sorting stations and linear sorters, supported by Lean and Six Sigma certified professionals in the supply chain team.
  • Technology-native culture with comprehensive in-house infrastructure: The company developed an in-house technology stack including personalized user journey systems, supply chain intelligence, workforce management platform, last-mile delivery platform, and brand insights advertising engine, all purpose-built for quick commerce.
  • Scalable cost structure with improving unit economics: The company achieved visible improvements in unit economics with Fixed Cost per Order decreasing from ₹80.72 to ₹52.34, Digital Marketing Cost per Order improving from ₹10.82 to ₹1.01, and Total Cost per Order reducing by ₹28.90 between June 2023 and March 2026.
  • Founder-led company with experienced management team: The company is driven by founders Aadit Palicha and Kaivalya Vohra, supported by a management team with experience across e-commerce, manufacturing, and retail, achieving the fastest growth among scaled quick commerce platforms with 119.50% CAGR in order volume between Fiscal 2024-2026.

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