Quick-commerce firm Zepto more than doubled its revenue in FY26 while expanding its share of industry orders, according to its updated draft red herring prospectus (UDRHP) filed with the Securities and Exchange Board of India ahead of its proposed initial public offering.
The company reported revenue from operations of Rs 22,624 crore in FY26, up 103.6% from Rs 11,110 crore in FY25. Net loss widened to Rs 5,905 crore during the year as the company continued to invest aggressively in expansion, dark-store additions and customer acquisition.
Zepto plans to raise up to Rs 8,010 crore through a fresh issue of shares, while existing investors will sell 113.5 million shares through an offer for sale. Selling shareholders include Nexus Ventures VI Holdings, Nexus Ventures VII Holdings, Contrary ZEP Holdings, Razor Ventures and entities affiliated with Kaiser Permanente. Founders Aadit Palicha and Kaivalya Vohra are not participating in the OFS.
Nexus entities account for the bulk of the shares being offered in the OFS. The filing also disclosed that early investors such as Nexus Ventures and Contrary acquired shares at average costs of less than Rs 4 apiece, setting the stage for significant gains once the IPO price band is announced.
The company also disclosed secondary share transactions worth about Rs 577 crore during FY26, providing liquidity to certain investors and employees ahead of the proposed public issue. Zepto has one of the largest employee stock ownership pools among new-age Internet companies, with senior executives including CFO Ramesh Bafna holding substantial stock option grants.
The filing offers the clearest picture yet of Zepto’s growth trajectory as competition intensifies in the fast-growing quick-commerce market. According to Redseer data cited in the prospectus, Zepto increased its share of total quick-commerce orders from about 26% in FY24 to about 35% in the three months ended March 31, 2026.
The company said it was the fastest-growing scaled quick-commerce platform in the country between FY24 and FY26, with order volumes growing at a compound annual growth rate of about 119.5%.
Quarterly disclosures included in the filing showed revenue from operations rose to Rs 7,498 crore in the March quarter, making it the company’s highest quarterly revenue to date. Annual transacting users increased to 47.97 million in FY26 from 38.38 million a year earlier.
As of March 31, 2026, Zepto operated 1,139 dark stores across the country and offered an average of 46,623 stock-keeping units at the dark-store geography level. The company said orders per day increased more than eight-fold between June 2023 and March 2026.
Founders received ED summons under Fema
The filing also disclosed that the Enforcement Directorate sought information from the founders in April under the Foreign Exchange Management Act regarding overseas investments, foreign entities, shareholding structures, loans, guarantees and related records. The company said the information sought had been furnished and no further communication had been received as of the filing date.