Zepto – Pure-Play Quick Commerce Eyeing Listing

研报英文原文证据摘录

Zepto – Pure-Play Quick Commerce Eyeing Listing

India | Internet EquityJuneResearch17, 2026

Zepto — Pure-Play Quick Commerce Eyeing

Listing

Q/C space remains action-packed, with Zepto now eyeing a listing.

However, its DRHP disclosures differ meaningfully from those of listed

peers (Eternal & Swiggy), with key metrics such as NOV, MTU, & CM

replaced by NRV, ATU, supply chain costs, etc. Reported revenue reflects

a wholesale-led structure, diverging from the take-rate framework. Zepto

has delivered consistent growth driven by its EDLP proposition, but losses

remain elevated, despite trending down.

Background: Founded in 2020, Zepto is a scaled Q/C player with a clear EDLP (Every Day

Low Pricing) led positioning that mirrors DMart’s value-first retail philosophy. This strategy

prioritises order frequency and price leadership, strengthening demand in a highly competitive

landscape, but unit economics work only at a very large scale, with high density in micro-

markets.

Scale: Based on 4QFY26 numbers, Zepto holds c35% of the order share among the top three

players. On NOV (NRV excl. ad income), the implied share stands at 27% vs 52% for Blinkit &

21% for Instamart. The platform reports an ATU base of 48mn; however, the absence of MTU

disclosure restricts like-for-like comparison and limits benchmarking. On an ATU basis, the

annual frequency is around 13x (FY26).

AOV: Derived net AOV of around Rs360 is lower than Blinkit and Instamart, at around

Rs500-525. This gap has been consistent in our channel checks and is attributable to Zepto’s

EDLP positioning, with platform pricing lower than peers, reflecting its focus on affordability

& driving higher order frequency.

Unit economics: On a per-order basis, adj. EBITDA loss was at Rs79 in FY26, marking a sharp