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Zepto’s IPO filing puts ₹22,624 crore FY26 revenue against a ₹5,905 crore net loss
Zepto’s updated IPO filing shows rapid FY26 revenue growth but widening losses, with product sales loss-making before fulfilment costs. Advertising and service revenues support margins, while persistent delivery costs, gig-worker compliance and unproven new categories remain key investor risks.
Newer report updates this story , : Zepto has now delayed its IPO plans amid valuation mismatches.
The numbers
Figures from Inc42,
| Planned fresh IPO issue: | up to ₹8,010 Cr |
|---|---|
| Planned offer for sale: | up to 11.35 Cr shares |
| FY26 operating revenue: | ₹22,623.58 Cr |
| FY26 net loss: | ₹5,905.19 Cr |
| FY26 sale of traded goods: | ₹17,587.92 Cr (77.7% of operating revenue) |
| FY26 services revenue: | ₹5,022.52 Cr |
| FY26 advertising revenue: | ₹1,635.73 Cr |
| FY26 delivery and handling costs: | ₹3,046.34 Cr |
| FY26 delivery cost per order: | ₹45.74 |
| FY26 average monthly active delivery partners: | 221,667 |
| March FY26 average daily orders: | 23.3 Lakh |
| FY26 adjusted product-sales shortfall after inventory adjustment: | about ₹610 Cr |
Why it matters to operators and investors
Zepto’s filing strengthens the case for partnerships or acquisitions that lower fulfilment costs, deepen private-label economics, or expand high-margin ad and service revenue beyond product resale.
What to watch next
- Share of operating revenue from advertising, platform services and other non-traded-goods streams.
- Delivery and handling cost as a percentage of operating revenue and per fulfilled order.
- Gross margin trend in traded goods, including private-label penetration and wastage levels.
- Store-level contribution margin by city maturity and payback period for new dark stores.
- Order frequency, average order value and discount intensity versus Blinkit, Swiggy Instamart and BigBasket.
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- Net cash burn, working-capital requirements, vendor payment terms and size/timing of any pre-IPO financing.
- IPO price band, anchor-investor demand and any revisions to issue size or use-of-proceeds.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Increase ad-tech, sponsored listings and brand analytics products to raise non-inventory revenue.
- Expand private labels and exclusive brand partnerships to improve gross margin on traded goods.
- Concentrate dark-store additions in dense, proven catchments rather than pursue broad geographic expansion.
- Use fresh capital for supply-chain automation, cold-chain efficiency and lower-cost fulfilment capacity.
- Frame IPO communications around cohort-level contribution margin, repeat frequency, mature-store profitability and cash-burn reduction.
The counter-case
The case against this reading — not reported by the source.
The filing may show scale without proving a durable path to profits. If 77.7% of operating revenue comes from traded goods, Zepto remains heavily exposed to structurally thin grocery margins, inventory risk, markdowns and spoilage. A ₹3,046 crore delivery-and-handling bill suggests that density and basket economics have not yet absorbed fulfilment costs. Advertising and service income can improve reported mix, but may be cyclical, concentrated among a few brands, or insufficient to offset the losses generated by core commerce. The ₹8,010 crore fresh issue could therefore function less as growth capital and more as funding for continued cash burn, dark-store expansion and competitive subsidy spending.
The source
First seen