IPO · Commerce & Consumer Brands

Zepto files for IPO at $5.1 Bn valuation

By Startup Enthusiast · 17 July 2026

What they do

Zepto delivers groceries and essentials within 10 minutes across Indian cities

It filed for an IPO with a fresh issue of ₹8,010 Cr and an offer-for-sale of up to 11.35 Cr shares, valuing it at $5.1 Bn post-money

The IPO valuation is below its peak private valuation of $7 Bn, reflecting market corrections

Zepto has filed for an IPO (initial public offering, where a company sells shares to the public for the first time) with a pre-money valuation of $4.5 Bn and post-money valuation of $5.1 Bn.
The IPO includes a fresh issue of ₹8,010 Cr and an offer-for-sale (OFS, where existing shareholders sell their shares) of up to 11.35 Cr shares.
Anchor investors Norges (Norway's sovereign wealth fund) and Motilal Oswal are expected to account for 40-45% of the anchor book (the portion reserved for large institutional investors before the IPO opens).
The anchor book is nearing completion, with interest from domestic institutional investors.
The IPO valuation is below Zepto's peak private valuation of $7 Bn.
Proceeds from the fresh issue will be used: ₹1,629 Cr for 1,904 dark stores (delivery-only warehouses) by FY30, ₹1,734.9 Cr for lease payments, ₹1,324.8 Cr for technology and cloud infrastructure, ₹520 Cr for marketing, and the remainder for acquisitions and general corporate purposes.

Zepto's FY26 operating revenue nearly doubled to ₹22,624 Cr from FY25, showing strong growth.
However, its net loss widened to ₹5,095 Cr in FY26 from ₹4,697 Cr in FY25.
The company's adjusted EBITDA loss per order improved to ₹79 in FY26 from ₹136 in FY25, indicating narrowing losses.
Its free cash flow burn per order also reduced to ₹68 in FY26 from ₹161 in FY25.
Zepto generated ₹1,636 Cr in advertising revenue in FY26, a sign of monetisation beyond core delivery.

Zepto delivers groceries and everyday essentials within 10 minutes across major Indian cities.
It operates a network of dark stores (small warehouses located near customers for fast delivery).
The company plans to expand its dark store count to 1,904 by FY30.
It earns revenue from product sales, delivery fees, and advertising from brands on its platform.
Zepto launched Zepto Club, an invite-only membership costing ₹99 per month offering 5% cashback in Z-Coins, free delivery, priority delivery, and exclusive offers.
It is exploring a premium grocery service called 'Select' within the app, featuring imported food and gourmet groceries, though branding is not finalised.

Zepto plans to use IPO proceeds to expand its dark store network to 1,904 by FY30.
It will invest ₹1,734.9 Cr in lease payments for dark stores and ₹1,324.8 Cr in technology and cloud infrastructure.
The company will spend ₹520 Cr on marketing and set aside funds for acquisitions and general corporate purposes.

Product: A rapid-delivery app for groceries and everyday essentials.
Customers: Consumers ordering groceries and essentials online.
How it makes money: It earns from product margins, delivery fees, and order-value thresholds across its quick-commerce network.
What sets it apart: It was built as a quick-commerce native company from day one.
Operations: Operates dark-store based 10-minute delivery across multiple Indian cities.