Zepto pivots to marketplace model ahead of ₹8,010-cr IPO, betting commissions and ads can crack profitability
Zepto's updated DRHP reveals a shift from inventory-led sales to a marketplace play built on commissions, seller fees and ads. FY26 revenue doubled to ₹22,624 crore from ₹11,110 crore, but losses widened to ₹5,905 crore. Ad revenue jumped 151% to ₹1,636 crore — the clearest margin lever.
What happened
Zepto's UDRHP for its ₹8,010-crore IPO reveals a pivot to a marketplace model, shifting from inventory-led sales to commissions, ads and seller fees. FY26
Key facts
- ₹8,010 crore IPO
- FY26 revenue ₹22,624 crore
- FY25 revenue ₹11,110 crore
- FY26 losses ₹5,905 crore
- ad revenue ₹1,636 crore (+151%)
Why this matters
The asset-light reframing ahead of the ₹8,010-cr IPO opens M&A and partnership lanes in adtech, seller services and category specialists that can plug into Zepto's marketplace stack.