Zepto (Kiranakart Technologies)
India's fastest-growing quick-commerce platform, valued at $7 billion in its October 2025 round and heading for a ₹4,000–5,000 Cr IPO via a confidential DRHP.
Market cap
₹58,520 Cr
1,900.00 Cr shares
P/E ratio
Loss making
Sector average 80
Book value
₹3.03
P/B 10.17
1-year return
+8.87%
52w ₹25 – ₹39
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
+8.30% ₹28 → ₹31
52-week band in this window: ₹27.84 – ₹34.19. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 operating revenue about ₹11,100 Cr, up from ₹4,454 Cr in FY24.
- $7 billion valuation in the October 2025 round; confidential DRHP filed with SEBI.
- Founder-led with a network of several hundred dark stores across Indian metros.
About Zepto
Zepto, operated by Kiranakart Technologies (now Zepto Limited after conversion to a public company), is a 10-minute grocery and essentials delivery platform founded in 2021 by Stanford dropouts Aadit Palicha and Kaivalya Vohra. It runs a network of several hundred dark stores across major Indian cities, competes with Blinkit (Eternal/Zomato), Swiggy Instamart and BigBasket, and has expanded into Zepto Cafe, pharmacy, electronics and a paid membership programme.
Scale has compounded rapidly: operating revenue rose from about ₹2,024 Cr in FY23 to ₹4,454 Cr in FY24 and roughly ₹11,100 Cr in FY25, with net losses held around ₹1,250 Cr a year as contribution margins turned positive in mature stores. The company completed its reverse flip from Singapore to India in 2025 to enable a domestic listing.
Funding has followed the growth: more than $1 billion across 2024 rounds at a $5 billion valuation and about $450 million in October 2025 at $7 billion from CalPERS, Sofina, Motilal Oswal, Avataar and existing backers such as Nexus, Glade Brook, StepStone, Lightspeed and DST. Zepto filed a confidential draft red herring prospectus with SEBI in late 2025 for an IPO of ₹4,000–5,000 Cr including a fresh issue and an offer for sale.
The unlisted quote of ₹30.8 reflects a post-split share structure of roughly 1,900 Cr shares of ₹1 face value on our estimate, valuing the company near its last round. Registry identifiers and audited statements could not be retrieved for this profile; the share count and financial line items are reconstructed around reported totals and should be treated as approximate.
Where the revenue comes from
- Grocery & daily essentials70%
Fresh produce, staples, dairy and packaged food via dark stores
- General merchandise & electronics15%
Personal care, home, toys, gadgets and gifting
- Zepto Cafe & pharmacy8%
Prepared food and beverages, OTC medicines
- Advertising, membership & platform fees7%
Brand advertising, Zepto Pass and delivery/handling fees
Products & services
10-minute grocery delivery
Core dark-store fulfilment of fresh produce, staples and packaged goods.
Zepto Cafe
Quick delivery of prepared food, coffee and snacks from in-store kitchens.
Zepto Pass
Paid membership with free delivery and discounts.
Advertising platform
Sponsored listings and brand campaigns for FMCG partners.
What works
- • Top-three position in a category growing more than 70% a year, with order density and private labels lifting contribution margins.
- • Deep-pocketed investor base and $7 billion valuation give runway for dark-store expansion and the IPO.
- • Founder-led execution: dark-store rollout, Zepto Cafe and membership have kept average order value and frequency rising.
What to watch
- • Still loss-making at the net level; competition from Blinkit and Instamart keeps discounts and delivery incentives high.
- • Regulatory scrutiny of quick commerce (FDI rules, gig-worker norms, dark-store zoning) and food-safety compliance issues.
- • IPO pricing and timing are uncertain; the unlisted price already tracks the $7 billion round, leaving limited listing-day upside.