Zepto FY26: Loss Jumps 26% YoY To ₹5,905 Cr, Revenue Doubles

IPO-bound quick commerce major Zepto’s consolidated net loss jumped 26% during the financial year ended March 2026 (FY26) to ₹5,905 Cr from ₹4,695.4 Cr in the preceding fiscal year.

As per the company’s updated DRHP filed yesterday, Zepto’s operating revenue more than doubled to ₹22,623.6 Cr during the year from ₹11,109.9 Cr in FY25.

While it earned ₹17,587.9 Cr through the sale of goods, ₹5,022 Cr was earned through the sale of services, which included warehousing, packaging and last-mile charges, platform services, subscription fee, advertisement revenue, licence (IP) charges and franchisee fees.

Including other income, Zepto’s total income during the year stood at ₹23,128.4 Cr.

The quick commerce company’s adjusted EBITDA loss in FY26 rose 11.5% to ₹5,041.5 Cr from ₹4,521.7 Cr reported in FY25.  Zepto lost ₹78.75 per order on an adjusted EBITDA basis in FY26, improving from ₹136.15 in FY25.

Meanwhile, total expenses during the year stood at ₹29,026.7 Cr, a 79% jump from ₹16,241.1 reported in the prior fiscal year. Here’s a breakdown of the company’s expenses:

Delivery & Handling: This expense more than doubled YoY to ₹3,046.3 Cr and jumped more than 5X from ₹580.8 Cr in FY24.

Employee Costs: Employee benefit expenses zoomed 44% YoY to ₹1,784.7 Cr in FY26.

Warehousing Costs: Expenses under this head jumped 56% to ₹2,150 Cr in FY26. This was also an increase of over 4X from ₹495.5 Cr in FY24.

Other Expenses: The spending under this head zoomed 46% to ₹4,838.3 Cr from ₹3,317.5 Cr in FY25. The company accounted for warehousing costs under this head.

In Q4 FY26, Zepto’s operating revenue rose 27% QoQ to ₹7,497.6 Cr while it managed to narrow net loss by 9% to ₹1,538.7 Cr. Adjusted EBITDA loss during the quarter stood at ₹1,248 Cr, a 29% improvement from ₹1,764 Cr in Q4 FY25. On a QoQ basis, adjusted EBITDA loss narrowed 5% from ₹1,308.7 Cr.

Zepto lost ₹59.4 per order on an adjusted EBITDA basis in Q4 FY26, which was an improvement from ₹142.68 per order in Q4 FY25 and ₹78.4 in Q3 FY26.

Zepto Moves Closer To Public Listing

As per Zepto’s UDRHP, the company’s public offering will comprise a fresh issue of shares worth ₹8,010 Cr and an offer-for-sale (OFS) component of 1,135 Cr equity shares. Nexus Ventures, Contrary ZEP Holdings, Razor Ventures and Kaiser Foundation are among the existing shareholders who plan to offload shares via the OFS.

The company plans to utilise the funds raised via the fresh issue of shares to expand its dark store network and fund the rental expenses of existing dark stores. Zepto operated 1,139 dark stores at the end of the fiscal year 2026, compared to 1,029 a year ago.

Additionally, the company plans to use a part of the proceeds from the fresh issue for investing in technology and cloud infrastructure and in its subsidiary Zepto Marketplace Pvt Ltd to fund marketing and business promotion expenses for enhancing brand awareness and visibility. It spent ₹1,389 Cr on advertising in FY26.

Lastly, it plans to utilise some of the fresh capital for inorganic growth through unidentified acquisitions and general corporate purposes.

Prior to the IPO, Zepto is also looking to raise ₹1,602 Cr (about $167.5 Mn) through a pre-IPO private placement round. If the round goes through, this amount will be deducted from the proposed fresh issue.

Zepto, which competes with Eternal’s Blinkit, Swiggy’s Instamart, Amazon Now, Flipkart Minutes, BigBasket, and JioMart, is looking to become the first pure-play quick commerce player to list on the Indian exchanges.

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