Quick commerce unicorn Zepto just dropped a blockbuster (and slightly scary) set of numbers.
In FY25, Zepto’s revenue more than doubled to ₹9,668.8 crore, growing 129% year-on-year from ₹4,223.9 crore in FY24. That makes it one of the fastest-growing consumer internet companies in India.
But there’s a flip side.
Its net losses ballooned 177% to ₹3,367.3 crore, up from ₹1,214.7 crore last year. In short: growth came fast, profitability didn’t.
These numbers matter even more because Zepto confidentially file its DRHP on December 26, kicking off its IPO journey. If all goes to plan, Zepto could list in 2026, just six years after being founded — making it one of India’s youngest startups to go public.
Zepto’s business is simple to explain but brutal to execute.
Quick commerce means:
Dark stores every few kilometres
10–15 minute delivery promises
Heavy discounts to acquire customers
High rider, warehousing, and logistics costs
To win market share, Zepto has chosen speed and scale over profitability.
As competition intensifies with Blinkit (Eternal) and Swiggy Instamart, spending has surged across:
Customer acquisition
Delivery infrastructure
Dark store expansion
Discounts and promotions
The result? Revenues are rising sharply, but costs are rising even faster.
Three big reasons.
Quick commerce is capital-hungry. A public listing gives Zepto access to large pools of long-term capital to keep up with rivals.
Blinkit’s parent Eternal and Swiggy are already listed, with market caps of roughly $30 billion and $12 billion respectively. Public investors are now familiar with the quick commerce story — even if profitability is still distant.
Zepto was last valued at around $7 billion (₹63,000 crore) in a private fundraise. An IPO helps establish a market-discovered valuation and offers exits to early investors.
To understand why cash burn continues, look at how the quick commerce leaderboard stacks up in FY25.
Blinkit (Zomato / Eternal)
Total GMV: ~₹24,000 crore
Revenue: ~₹5,200 crore
Status: Market leader, setting the pace
Swiggy Instamart
Total GMV: ~₹14,000 crore
Revenue: ~₹2,100 crore
Status: Strong #2, chasing closely
Zepto
Total GMV: ~₹9,000 crore
Estimated revenue: ~₹1,400–1,800 crore (≈15–20% of GMV)
Status: Catching up fast
Despite the clear pecking order, the spending hasn’t slowed.
A Moneycontrol analysis shows that Blinkit, Swiggy, and Zepto together burnt nearly ₹9,000 crore in just the past 9–11 months.
Yet, none of them are hitting the brakes.
Why?
Because they can afford not to.
Post-listing, Eternal and Swiggy raised over $1 billion each via QIPs. Collectively, the top three players are sitting on ₹40,000+ crore in cash and cash equivalents.
That cash war chest means:
More discounts
Faster expansion
Longer runway before profitability becomes mandatory
For smaller players like BigBasket, Flipkart Minutes, and Amazon Now, this only raises the entry barrier further.
Zepto’s IPO won’t be judged on losses alone.
The real question is:
Can Zepto prove that today’s losses are buying tomorrow’s dominance?
If it can show:
Improving unit economics
Higher order frequency
Stabilising delivery costs
A credible path to profitability
…public markets may be willing to look past the red ink.
If not, the IPO could face tough scrutiny.
Zepto’s numbers tell a classic new-age startup story:
Staggering growth ✔️
Equally staggering losses ✔️
A massive market opportunity ✔️
No clear winner yet ✔️
Its IPO will be more than just another listing.
It will be a litmus test for India’s quick commerce model — and for how much patience public investors still have for growth-first businesses.
One thing is certain: the Zepto IPO will be closely watched, not just by investors, but by the entire startup ecosystem.
