Zepto IPO 2026: DRHP Filing, Financials & Outlook

Key takeaways

• Zepto has filed a confidential DRHP with SEBI on 26 Dec 2025.

• Zepto is a quick-commerce player built around ~10-minute delivery of daily essentials, founded in July 2021 by Aadit Palicha and Kaivalya Vohra.

• FY24 Revenue from Operations: ₹4,454.52 Cr (FY23: ₹2,024.39 Cr). FY24 PAT: ₹(1,248.64) Cr.

• The broader quick commerce market is projected to grow from ~USD 5B (2024) to USD 27–50B by 2028, with non-grocery contributing 15–20% of GMV.

What’s the Zepto IPO status right now?

Zepto is currently in the Pre-IPO stage, and it has filed a confidential DRHP with SEBI on 26 Dec 2025.

(For readers: “Confidential DRHP” means the company begins the process with regulators without putting every detail into the public domain immediately.)

About Zepto
 

Zepto is an Indian quick-commerce company delivering daily essentials in around 10 minutes through a hyperlocal fulfilment network.

• Founded: July 2021

• Founders: Aadit Palicha (CEO) and Kaivalya Vohra (CTO)

• Origin: Started as KiranaKart (kirana-partner model), then pivoted to Zepto’s quick commerce model in 2021

Industry context: why quick commerce is scaling fast

India as structurally advantaged for quick commerce due to dense urban clusters, short delivery radii, and cost-efficient dark-store infrastructure.

A few market signals:

• Quick commerce drives over two-thirds of e-grocery orders and is close to 10% of total e-retail spending in India.

• Market projected from ~USD 5B (2024) to USD 27–50B by 2028 (implying high CAGR).

• 15–20% of GMV is now from non-grocery categories like general merchandise, electronics, mobiles, and apparel.

Zepto’s business model: how it makes money

Zepto has a vertically integrated operating model combining tech, dark stores, and last-mile delivery.

Revenue streams called out include:

• Platform/IP licensing and tech support

• B2B sale/trading of consumer goods

• Logistics and fulfilment services (store to doorstep execution)

• Advertising revenue on the platform
  

Target customers include urban households, high-frequency repeat shoppers, and brands/advertisers using Zepto for distribution and in-app visibility.

Operating metrics and unit-economics signals

A few metrics that matter for “path to profitability” conversations:

• Inventory days (DIO): 15.04 days in FY24 (FY23: 21.76)

• Delivery & handling cost to revenue: 13.03% in FY24

• Inventory turnover: 35.20x in FY24

• Advertising spend intensity: 6.81% in FY24
  

These are useful because they connect ops execution (inventory velocity, fulfilment cost) to eventual margin structure.

Key corporate actions

Some milestones:

• Jan 2025: Reverse flip to India (domicile shift)

• Oct 2025: Large funding round (Series H)

• Dec 2025: IPO preparation milestone, confidential IPO filing

What to watch as the IPO approaches

Based on the business and financial signals, these are the practical watchpoints:

1. Sustaining revenue growth while improving margins
   FY24 shows scale, but profitability remains negative. The key is whether margins keep improving as the business matures.

2. Fulfilment cost discipline
   Delivery and handling costs (as a share of revenue) matter hugely in quick commerce, and the doc surfaces this ratio as a core industry metric.

3. Non-grocery mix and ads as margin levers
   Highlights non-grocery expansion and advertising as higher-margin components that can support operating leverage.

4. Competitive intensity and regulation
   SWOC calls out intense competition and regulatory complexity (rider policies, dark-store regulations, compliance) as ongoing challenges.

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Conclusion

Zepto’s confidential DRHP filing in Dec 2025 is a clear IPO-prep milestone. The core story is rapid scale in a fast-expanding quick commerce market, paired with the work-in-progress of profitability. Going forward, the most important signals to track will be margin trajectory, fulfilment cost control, inventory velocity, and how monetisation levers like non-grocery and advertising expand at scale.

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