Zepto - Nears $1 Billion Net Order Value Milestone Ahead of IPO

Expert Analysis:

• Zepto is approaching an annualised Net Order Value (NOV) milestone of nearly $1 billion, underscoring the rapid scale-up of its quick-commerce business ahead of its planned IPO.

• The achievement reflects strong growth in customer adoption, order frequency, and basket expansion across key metro markets where the company has focused its expansion strategy.

• Reaching the $1 billion NOV threshold strengthens Zepto’s positioning as one of India’s leading quick-commerce players and demonstrates the increasing scale of the instant-delivery market.

• The company’s growth has been driven by aggressive dark store expansion, improved product assortment, and rising demand for categories beyond groceries, including electronics, beauty, and daily essentials.

• Strong NOV growth is likely to be a key metric highlighted to prospective IPO investors as it provides insight into transaction volumes and platform activity.

• Zepto’s focus on deepening penetration in major urban centres has helped improve order density and operational efficiency, supporting better unit economics compared to broad geographic expansion.

• The milestone comes at a critical time as the company prepares for a public market debut, with investors expected to closely evaluate growth sustainability alongside profitability trends.

• Despite impressive scale, the quick-commerce sector remains highly competitive, with continued investments in infrastructure, customer acquisition, and delivery capabilities placing pressure on margins.

• The company’s ability to convert rapid revenue growth into sustainable profitability will remain one of the most important factors influencing investor sentiment ahead of the IPO.