Synopsis
Quick commerce firm Zepto reported a 75% revenue surge to Rs 7,498 crore in Q4 FY26, while narrowing its loss to Rs 1,539 crore. The company filed for a $1 billion IPO, aiming to test public market appetite for standalone quick commerce players. Zepto's performance is being closely watched against rivals Blinkit and Swiggy Instamart.Listen to this article in summarized format
The Bengaluru-based company also narrowed its net loss to Rs 1,539 crore during the January-March quarter from Rs 1,832 crore a year earlier, the filing showed.
Zepto on Monday filed an updated DRHP for its $1 billion initial public offering, comprising a fresh issue of shares worth Rs 8,010 crore and an offer-for-sale (OFS) of 113 million shares by existing investors and shareholders.
For the March quarter, Zepto reported a net receivables value (NRV) of Rs 8,133.9 crore, its closest disclosed equivalent to net order value. The company does not separately disclose gross order value in the updated prospectus. Its NRV metric includes the value of goods sold on the platform net of discounts, along with user fees, subscription income and advertising revenue.
Zepto processed 210 million orders during the quarter, translating to 2.33 million orders a day. It ended March 2026 with 1,139 dark stores, up from 1,029 a year earlier. Orders per store per day rose to 2,140 from 1,425 in the year-ago period, indicating higher throughput across its network.
The IPO will test public-market appetite for a standalone quick commerce company at a time when the sector is expanding beyond groceries into categories such as electronics, beauty, fashion and home essentials, while also pushing into food delivery through cafe-led formats.
Zepto's performance will be closely compared with listed rivals Blinkit and Swiggy Instamart, both of which have already disclosed their March-quarter results.
Direct comparisons, however, are complicated by differences in accounting and operating metrics. Eternal-owned Blinkit reports quick-commerce adjusted revenue under an inventory-led model, while Zepto discloses revenue from operations and net receivables value.
Even so, based on reported figures, Zepto's scale appears to be ahead of Swiggy Instamart but behind Blinkit. Blinkit reported quick-commerce adjusted revenue of Rs 13,232 crore for the January-March quarter, compared with Zepto's revenue from operations of Rs 7,498 crore. Blinkit also reported adjusted Ebitda of Rs 37 crore for the quarter, turning profitable on that metric.
Swiggy Instamart, meanwhile, reported revenue from operations of Rs 1,057 crore for the same period. Its quick-commerce segment loss stood at Rs 736 crore, while adjusted Ebitda loss came in at Rs 858 crore, as the company continued to invest aggressively in the business despite improving unit economics.
The comparison is not strictly like-for-like, as the companies use different accounting and operating metrics. While Blinkit's revenue reflects its inventory-led model, Zepto reports revenue from operations and net receivables value, making direct comparisons imperfect.
( Originally published on Jun 08, 2026 )
