Revenue Doubles, Loss Triples, and ₹7,000 Crore Cash: Zepto Prepares for IPO

New Delhi: As the IPO market breaks records this year, quick commerce giant Zepto is gearing up to enter the stock market next year. The company is expected to file its draft red herring prospectus (DRHP) with SEBI soon under the confidential filing route, which allows flexibility in adjusting the IPO size later.

IPO Details
According to reports, Zepto’s IPO could be worth $1.3 billion (approximately ₹11,680 crore), with around ₹11,000 crore intended to raise fresh capital. The remaining portion will be allocated for early investors looking to sell their shares. The company’s shareholders approved this plan during a special general meeting on 23 December 2025.

Financial Performance
Documents filed with the Registrar of Companies (RoC) reveal that Zepto recorded a revenue of ₹9,669 crore in FY2025, marking a 129% increase from the previous year. However, its net loss also tripled to ₹3,367 crore compared to ₹1,214 crore last year. Despite the losses, the company plans to list on the stock market by the July–September 2026 quarter.

IPO Lead Bankers
To manage the IPO, Zepto has hired leading banks including Morgan Stanley (lead banker), Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal.

Cost-Cutting Measures
In preparation for the IPO, Zepto has taken several steps to reduce operational expenses, including laying off 800–900 employees, freezing vacant positions, and cutting costs in customer acquisition and corporate spending.

Market Position
Zepto faces stiff competition from Blinkit (parent: Eturnal/Zomato) and Swiggy Instamart, both already listed. According to a Bank of America report (September 2025), Blinkit controls over 50% of India’s quick commerce market, with Zepto, Instamart, BigBasket, Flipkart Minutes, and Amazon Now sharing the rest. As of September, Blinkit had over 1,800 dark stores, while Zepto and Instamart operated around 1,000–1,100 dark stores each.

Cash Reserves
As of November 2025, Zepto held around ₹7,000 crore in cash, strengthening its financial position ahead of the IPO.

Conclusion
With rapid revenue growth, strategic cost reductions, and substantial cash reserves, Zepto’s IPO is poised to make a significant impact in India’s quick commerce and capital markets.