CNBC-TV18 was the first to report on Zepto’s secret plans to raise as much as ₹12,000 crore by December 2025, later confirming SEBI’s approval in May 2026.
The UDRHP indicates that Zepto intends to issue ₹8,010 crore in new shares. Additionally, it includes an offer for sale by early institutional investors. The overall IPO size is anticipated to be between ₹11,000 crore and ₹12,000 crore, depending on the final portion of the OFS.
The company has also left the door open for a pre-IPO placement of up to ₹1,602 crore, which would proportionately reduce the size of the fresh issue.
In FY26, Zepto reported revenue from operations of ₹22,624 crore and a Net Realizable Value of ₹24,816 crore. The firm managed 1,139 dark stores and had around 4.8 crore annual transacting users.
Operational metrics illustrated growth throughout the year. Daily orders surged from 1.46 million in Q2 FY26 to 2.33 million in Q4 FY26. Orders per store daily increased from 1,433 to 2,140 during this timeframe. Q4 FY26 NRV was recorded at ₹8,134 crore.
In terms of unit economics, the cost per order dropped from ₹181 in Q2 FY26 to ₹128 in Q4 FY26. The adjusted EBITDA loss per order also decreased from ₹110 to ₹59, while free cash flow loss per order improved from ₹103 to ₹42. Advertising revenue for FY26 totalled ₹1,636 crore, rising from 7.1% to 7.9% of NRV between Q2 and Q4.
Six early institutional investors are participating in the OFS, led by Nexus Ventures. Other contributors include Contrary Capital, Razor Ventures, and Kaiser entities. Founders Aadit Palicha and Kaivalya Vohra are not selling any shares in this offer.
The IPO is being offered under Regulation 6(2) of SEBI’s ICDR Regulations, a pathway previously utilized by Zomato and Swiggy. According to the DRHP, Zepto holds approximately 29% of the quick commerce market, trailing Blinkit at 46%. It was the fastest-growing player by order volume between FY24 and FY26, as noted in a Redseer Report included in the filing.
Among the risk factors mentioned is an ongoing CCI inquiry regarding predatory pricing in the industry.
Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial, and IIFL Capital are serving as the book running lead managers.
