Zepto IPO Roadmap: ₹12,000 Cr Issue Eyes June Listing Amid Burn Reduction

Zepto has begun meeting institutional investors as it prepares for a June–July IPO, according to The Economic Times.

The start-up, which has reportedly filed draft papers confidentially for a ₹11,000–12,000 crore public issue, is pitching a roadmap to full-year post-tax profitability by FY2028–29 and breakeven by FY2028.

Its roadshow comes at a time when competition in the 10-minute delivery market is intensifying, with Amazon and Flipkart expanding aggressively, while investors increasingly prioritise profitability over growth.

Zepto Cash Burn in Control

Zepto reportedly told investors it has significantly reduced cash burn and improved operating efficiency. Its quarterly cash burn declined to around ₹850–900 crore in the January–March period, compared with roughly ₹1,200–1,300 crore a few quarters earlier.

This improvement has reportedly been driven by lower per-order costs and a pause in dark store expansion. The company’s network has remained steady at about 1,100 dark stores, even as order volumes have grown. In the March quarter, Zepto reported an EBITDA loss of approximately ₹55–60 crore, improving from ₹100–110 crore in the July–September period.

Daily Orders Surge

As per the report, the company is also emphasising on growth without major network expansion as a key part of its strategy. It reported average daily orders of 2.4–2.5 million in the January–March period, marking a 25–30% sequential increase, supported by discounts and customer acquisition initiatives.

Zepto reportedly said its supply chain costs have declined by 20–25% over recent quarters to around ₹90–95 per order, largely due to higher throughput per store.

Zepto IPO

Zepto’s approach is aimed at positioning it as a value-driven alternative to larger competitors.

While Blinkit is seen as stronger in assortment and serviceability, Zepto is targeting price-sensitive consumers by focusing on lower ticket sizes and higher order volumes, similar to a mass-market retail model.

However, valuation remains a key concern. Zepto last raised $450 million in October 2025 at a $7 billion valuation, but investors suggest this may now appear stretched given current public market conditions and weaker performance of listed peers. Stocks of companies such as Swiggy and Blinkit’s parent, Eternal, have declined this year, making IPO pricing more challenging.