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Zepto's ad revenue surges 151% to Rs 1,636 crore in FY26 as IPO nears, per updated DRHP
Our read
Zepto most likely takes its 151% ad revenue jump to Rs 1,636 crore into an IPO pitched as a retail-media business, though the listing timing depends on how well investors and regulators accept the ad revenue quality.
For operators
With over 2,400 brands already buying Zepto ad inventory and ad revenue up 151% to Rs 1,636 crore, expect retail media on the platform to get costlier and more crowded around the Diwali and Seoul Street pop-up pushes, so lock in placements and tie spend to measurable sell-through early.
Watch
Further DRHP amendments or SEBI observations touching ad revenue disclosure
The report
Zepto's IPO, put on hold in August, is now targeted for early-to-mid 2027. Meanwhile the quick-commerce firm is launching Seoul Street, a Korean culture pop-up, and plans Diwali campaigns.
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Reported figures
From the report. Source details below
| Advertising spend in FY26: | Rs 1,389 crore |
|---|---|
| Advertising spend in FY25: | Rs 1,187 crore |
| Advertising share of revenue in FY26: | 6.14% |
| Advertising share of revenue in FY25: | 10.68% |
| Brands using Zepto ad platform: | more than 2,400 |
| India K-beauty market projected by 2030: | $1.5 billion |
What to watch next
- Brand count rising above 2,400 in company statements or filings
- Zepto's own ad spend as a share of revenue moving back up from 6.14%
- Rival quick-commerce ad revenue or brand-count disclosures
- Festive-season campaign results from Diwali and the Seoul Street pop-up
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Zepto is likely to showcase the ad platform's 2,400+ brand base in Diwali and Seoul Street K-culture campaigns, using them as live proof of retail-media demand.
- Expect Zepto to file further DRHP updates with fresh financial and ad-metric disclosures as it moves toward the early-to-mid 2027 target.
- Rival quick-commerce platforms may publicize their own ad businesses and brand-partnership figures to compete for the same brand budgets and investor attention.
- Large consumer brands are likely to keep raising spend on Zepto's platform around festive periods, while pushing for clearer attribution and return metrics.
- Institutional investors and bankers may probe how much ad revenue is durable versus promotional, and press for detail on Zepto's own ad spend.
The source
Filed
First seen