Zepto files UDRHP for ₹12,000 crore IPO, trails Blinkit at 29% market share
Zepto submitted draft papers to SEBI for a ₹12,000 crore IPO comprising ₹8,010 crore fresh issue plus OFS led by Nexus Ventures. FY26 revenue hit ₹22,624 crore across 1,139 dark stores serving 4.8 crore annual users, but its 29% quick commerce share trails Blinkit's 46%.
What happened
Zepto filed UDRHP with SEBI to raise up to ₹12,000 crore via ₹8,010 crore fresh issue plus OFS led by Nexus Ventures. FY26 revenue ₹22,624 crore, 1,139 dark
Key facts
- ₹12,000 crore IPO size
- ₹8,010 crore fresh issue
- ₹1,602 crore pre-IPO option
- ₹22,624 crore FY26 revenue
- ₹24,816 crore NRV
- 1,139 dark stores
- 4.8 crore annual users
- 2.33 million daily orders Q4 FY26
- 29% QC market share
- Blinkit 46% share
- ₹128 cost per order Q4
- ₹1,636 crore ad revenue
Why this matters
Nexus-led OFS and the UDRHP confidentiality route suggest insiders are calibrating exit liquidity carefully; expect consolidation pressure on smaller QC players and potential category-adjacent M&A as Zepto deploys fresh capital to narrow the Blinkit gap.