Zepto Files UDRHP — India’s Quick Commerce Giant Is Coming for Dalal Street.
The quick commerce giant has officially moved from your doorstep to Dalal Street.
Zepto has filed its Updated Draft Red Herring Prospectus (UDRHP-1) with SEBI on June 8, 2026, bringing it closer to a July 2026 listing on NSE and BSE.
If it goes through, Zepto will become India’s first pure-play quick commerce company to go public.
What’s Happening?
An Updated DRHP, or UDRHP, is a revised version of the original draft prospectus filed before an IPO opens.
Zepto had taken the confidential filing route back in December 2025, which meant limited public disclosure at that stage. SEBI granted its approval in May 2026.
Now, with the UDRHP filed, things get more real.
Under SEBI rules, the prospectus must remain public for at least 21 days before the offering can open. That puts roadshows, investor marketing, and final pricing firmly on the calendar.
The target is a July 2026 listing. For investors tracking the IPO market, this is one issue that will be hard to ignore.
About Zepto
Zepto is a Bengaluru-based quick commerce platform built around one simple promise: deliver in 10 minutes.
That promise works because of its dark store network. These are small micro-warehouses placed close to customers, allowing Zepto to fulfil orders quickly without depending on faraway storage hubs.
The company was founded by Aadit Palicha and Kaivalya Vohra, two Stanford dropouts who started Zepto in their early twenties.
As of March 2026, Zepto had 4.79 crore Annual Transacting Users, up 25% year-on-year. It was also running 1,139 dark stores across India.
That scale is important. Zepto is no longer just a fast-growing startup story. It is now one of the key players shaping how urban India buys groceries, snacks, personal care, and daily essentials.
Zepto IPO Details at a Glance
Key issue details from Zepto’s UDRHP filing
| Fresh Issue | ₹8,010 crore |
| OFS | Up to 11.35 crore equity shares of face value ₹5 each |
| Total IPO Size | Around ₹9,000–10,000 crore |
| Listing Exchanges | NSE & BSE |
| Expected Listing | July 2026 |
| Registrar | KFin Technologies |
| Book Running Lead Managers | Axis Capital, Goldman Sachs, Morgan Stanley, Motilal Oswal, HSBC, IIFL Capital, JM Financial |
The OFS sellers include Nexus Ventures VI & VII Holdings, Razor Ventures Zepto, Contrary ZEP Holdings, Kaiser Foundation Hospitals, and Kaiser Permanente Group Trust.
Where the Fresh Issue Money Goes
Zepto has been clear about how it plans to use the ₹8,010 crore fresh issue proceeds.
The money will go towards:
- Expanding the dark store network in existing and new geographies
- Repayment of lease rentals for existing dark stores
- Investing in technology and cloud infrastructure
- Funding marketing and business promotion through Zepto Marketplace Pvt Ltd
- Exploring inorganic growth opportunities
- General corporate purposes
In simple terms, Zepto is raising money to do more of what got it here: open more stores, improve the tech stack, spend on growth, and deepen its presence in the quick commerce market.
Zepto Financials — The Numbers Behind the Buzz
Let’s be honest about the numbers.
Zepto is not profitable yet. But its revenue growth is difficult to ignore.
In FY26, Zepto reported revenue from operations of ₹22,623.58 crore, up 103.63% from ₹11,109.94 crore in FY25.
That means the company more than doubled its operating revenue in one year.
But growth has come at a cost.
Zepto posted a net loss of ₹5,905.19 crore in FY26, wider than its ₹4,699.71 crore loss in FY25. The company is still spending heavily on expansion, customer acquisition, operations, and infrastructure.
The latest quarter, however, gives a more balanced picture.
In Q4 FY26, Zepto reported revenue of ₹7,497.64 crore, up 75.26% year-on-year.
Its net loss narrowed to ₹1,538.67 crore, compared with ₹1,831.91 crore in Q4 FY25.
That last number matters.
Revenue is still growing fast, but quarterly losses are coming down. It does not mean Zepto is close to being profitable yet. But it does suggest that unit economics may be moving in the right direction.
For a company reportedly targeting a $10 billion valuation, investors will not only judge FY26. They will try to understand what Zepto can look like by FY28 or FY29.
The Competition: A Three-Horse Race
India’s quick commerce market is currently estimated at around $10–11 billion.
And right now, three players dominate it.
As per market estimate Blinkit, owned by Eternal, is the market leader with over 40% share. Swiggy Instamart and Zepto both hold over 20% share each.
That makes it a clear three-horse race.
But Zepto’s IPO has one big difference. Blinkit and Instamart operate under larger listed parent companies. Zepto is heading to the market as a standalone quick commerce play.
This is what makes the IPO interesting. Investors are not just looking at Zepto’s numbers. They are also deciding how much confidence they have in the quick commerce model itself.
Track the Zepto IPO — dates, allotment status and more on IPO Ji →
Zepto IPO FAQs
Q1. What is the size of Zepto’s IPO fresh issue?
Q2. When is Zepto’s IPO expected to open?
Q3. Is Zepto profitable?
Q4. What will Zepto use the IPO money for?
Q5. Who are Zepto’s main competitors?
Final Word
Zepto’s IPO is not just another startup listing.
It is the first real public-market test for India’s quick commerce story.
The company has scale, brand recall, strong user growth, and a service that urban India already understands. But it also has large losses and two serious rivals fighting for the same customer.
That is exactly why this IPO will be watched closely.
Want to apply for the Zepto IPO when it opens? Track the opening date, allotment status, and apply directly — all in one place on IPO Ji.
