Dark stores
Dated observations · Stores
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1.1KLatest observation · FY2026
- Dark stores
FY2024FY2024FY2025FY2025FY2026FY2026
First observation337FY2024
Latest observation1.1KFY2026
Observations3FY2024 – FY2026
Highest value1.1KFY2026
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IPO recap
Offering not completed
Zepto filed IPO documents on Jun 9, 2026. IPO date, ticker, and IPO offer price are not yet confirmed.
FiledJun 9
Pricing—
First trade—
Lockup ends—
The short version
Zepto’s public draft remains in place. An August issuer statement prioritizes execution, plans a pre-IPO equity placement and says financials will be updated before listing.
Key takeaway 1
An issuer statement supports the deferred listing.
Key takeaway 2
Pre-IPO placement terms were not disclosed in the statement.
Key takeaway 3
Store and user scale should be read alongside costs and cash use.
Company in detail
Zepto operates an Indian quick-commerce platform for groceries and other everyday products. Its proposition depends on local fulfillment capacity, a useful assortment and reliable delivery. Customers interact through the app, while a network of dark stores and warehouses supports orders. The business launched in July 2021.
SEBI published Zepto’s updated public draft on 9 June 2026. The company’s 1 August announcement subsequently said it had agreed with major shareholders to close a primary pre-IPO equity placement and would concentrate on execution. It intends to update operating and financial information in coming quarters before listing within the permitted timeframe. A final launch date and offer price were not verified as of 7 October.
The operating disclosures establish scale but need careful interpretation. At 31 March 2026, the draft recorded 1,139 dark stores and 47.97 million annual transacting users. The user figure covers people who placed a successful order over the preceding year; it does not measure daily activity. The fulfillment premises are leased or licensed.
FY2026 revenue from operations reached approximately ₹226.24 billion in the draft, alongside a substantial adjusted EBITDA loss. Annual revenue, order value and financing proceeds therefore should not be treated as interchangeable measures.
Our analysis focuses on whether order density and repeat usage improve the cost of serving customers. Store expansion, discounts, advertising income and delivery expense can pull results in different directions. Updated financials would make the impact of the deferred timetable more visible.
Operating metrics
Dark stores
1,139Fiscal year-end stores, on leased or licensed premises.
Mar 31, 2026Annual transacting users
47.97 millionUnique users with a successful order during the preceding twelve months.
Mar 31, 2026FY2026 revenue from operations
₹226.24 billionFiscal year ended 31 March 2026; ₹226,235.84 million in the draft. Actual annual revenue, not a projected run rate.
Mar 31, 2026FY2026 adjusted EBITDA
−₹50.42 billionAdjusted EBITDA loss of ₹50,415.54 million for the fiscal year ended 31 March 2026; not a net profit metric.
Mar 31, 2026Company profile
- Legal name
- Zepto Limited
- Headquarters
- Bengaluru, Karnataka
- Founded
- —
- Corporate office
- Bengaluru; registered office in Mumbai
- Managing director and CEO
- Aadit Palicha
- Whole-time director
- Kaivalya Vohra; technology and product strategy
- Business launch
- July 2021
- Geography
- India
- Products
- Groceries, electronics, apparel and essentials
- Employees
- No published figure
Timeline
- FY2026 operating snapshot
The draft records actual store and user counts.
- Public draft published
SEBI publishes the updated offering draft.
- Issuer defers listing for execution
Zepto announced a pre-IPO equity placement and plans to update financials over coming quarters before listing within its approved timeframe.
Dark stores
1,139Fiscal year-end stores, on leased or licensed premises.
Deal size
—Not confirmed
Valuation
—Not confirmed
Employees
—No published figure
Annual transacting users
47.97millionUnique users with a successful order during the preceding twelve months.
FY2026 revenue from operations
₹226.24 billionFiscal year ended 31 March 2026; ₹226,235.84 million in the draft. Actual annual revenue, not a projected run rate.
Financials
No complete financial history available
Revenue
Financial history unavailableComparable financial periods will appear here when available.
No comparable financial series
Available dated disclosures are included in the company overview. View disclosures →
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Zepto | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisOrder economics
Discounts, fulfillment and delivery costs can outweigh growth in orders.
Expansion spending
New stores need utilization and disciplined working capital.
Timing and dilution
The private placement and revised financials may change eventual IPO terms.
Deal terms
- Ticker
- Not confirmed
- Exchange
- Not confirmed
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Zepto IPO: where and how to invest
Where can I invest in the Zepto IPO?
The Zepto IPO is currently marked as filed; public share trading is not yet confirmed in this profile. If IPO subscriptions become available, you need a broker offering that specific deal to investors in your country. Having an account does not guarantee an allocation. After a confirmed listing, you can look for a broker that supports the relevant exchange.
Can I buy Zepto shares now?
Public trading in Zepto shares is not yet confirmed here. An announced or priced offering does not automatically mean you can buy the stock on an exchange. An IPO subscription and a private share purchase each have separate access requirements.
When is the Zepto IPO?
A confirmed first trading day for Zepto has not yet been published here. Check official company announcements and final offering documents; a planned timetable can change.
What is the Zepto IPO share price?
A confirmed IPO offer price for Zepto has not yet been published here. Private funding valuations and modeled private-market prices do not establish the eventual IPO share price.
What is Zepto's stock ticker and exchange?
A stock ticker for Zepto has not yet been confirmed here. An exchange has not yet been confirmed here. A proposed symbol or exchange does not establish that trading has begun. Verify the final listing announcement before placing an order.
Can I buy Zepto shares before the IPO?
Private transactions or funds may sometimes provide exposure to Zepto if a specific offer exists and you meet its requirements. This profile does not confirm an available private offer. A fund interest may provide indirect exposure rather than direct ownership of company shares. Private investments can have resale restrictions, uncertain valuations and limited exit options; a future IPO is not guaranteed.
Where can I find the Zepto IPO prospectus?
Check Zepto's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the Zepto IPO
Has Zepto withdrawn the IPO?
No formal withdrawal was verified. Its public draft remains the basis for filed status.
Is the placement already completed?
The August statement describes an agreement to close a placement, without verified final amount or valuation.
What is an annual transacting user?
A unique user who completed a successful order during the preceding twelve months.
When will Zepto list?
A final bidding or first trading date was not verified as of 7 October 2026.
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