Zepto’s Biggest Weakness : Why Zepto wants to be Dmart without the Profits?
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We are not financial advisors. Please do your own research before investing in any IPO. But here is Zepto IPO UDRHP : https://www.sebi.gov.in/filings/public-issues/jun-2026/zepto-limited-udrhp1_101929.html
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VIDEO INTRODUCTION:
Ladies and gentlemen, Zepto is going for IPO. And they are asking retail investors for ₹8,010 CRORE of fresh capital, at a reported valuation of $7 to $8 BILLION and some bankers are whispering it could stretch to $10 BILLION. Now, on paper, this looks INSANE. Zepto's app didn't even exist five years ago. Today, they've gone from ZERO to ₹22,624 CRORE in revenue. They deliver 640 MILLION orders a year. Their advertising engine alone prints ₹1,636 CRORE. They convinced CalPERS — one of the largest pension funds on the planet to write a cheque at a $7 BILLION valuation. And they're already processing nearly TWICE the orders of Swiggy Instamart.
But here's what nobody is telling you. Zepto is a cash-burning machine. While Blinkit is almost profitable at ₹525 per order and Instamart stands at ₹504 per order, Zepto barely makes ₹388 per order. On top of that, Zepto lost ₹5,905 CRORE in FY26 alone. And the scariest fact of all even in its BEST quarter ever, Zepto still lost ₹59 on every single order. Read that one more time. Zepto is LITERALLY paying money to make you order.
Now let me introduce you to a company called DMart. DMart sells the exact same things Zepto sells — groceries, essentials, household stuff. In FY26, DMart EARNED ₹2,970 CRORE of profit on ₹68,821 CRORE of revenue. The market values DMart at 3.79 times its sales. Zepto? Zepto makes a ₹5,900 CRORE LOSS and is asking for a valuation multiple of 2.7 to 3.9 times its sales. A loss-making four-year-old is asking for DMart's multiple. So the question is, Is Zepto the AMAZON of Indian markets that will one day print money? Or is it the most beautifully packaged cash-burning trap ever sold to Indian retail investors?
So in this case study, I want to answer three questions that no Indian media company is asking. How did a four-year-old company burning ₹5,905 CRORE a year convince the market it's worth $7 BILLION? Is there ANY version of the math where a single Zepto order actually makes MONEY? And most importantly, should YOU, the retail investor, put your money into this IPO, or should you RUN?
Our Best Indian Business Case Studies:
1. Dhirubhai
https://youtu.be/bSx6hDjALkQ?si=wE6PGMgiv7PpHdla
2. Milky mist
https://youtu.be/-98fnc4VAo8?si=NtKHTWjvtr_9V8ne
3. Old Monk
https://youtu.be/GQPymbqa08A?si=BXhcZhDPXt9wTxO4
4. Waaree
https://youtu.be/T1PLEPTbXc4?si=3VbRKyBnd-3Trfqt
5. Blinkit
https://youtu.be/OGs2YsqvWDg?si=bZ_AqkdGEsl2X3xW
✅Study Materials:
https://www.moneycontrol.com/news/business/startup/zepto-s-q4-revenue-jumps-75-yoy-to-rs-7-498-crore-adjusted-ebitda-loss-narrows-ahead-of-ipo-13944222.html#:~:text=On%20a%20per%2Dorder%20basis%2C%20adjusted%20EBITDA%20loss%20reduced%20to%20Rs%2059.4%20from%20Rs%20142.7%20a%20year%20ago%2C
https://www.business-standard.com/amp/markets/ipo/zepto-files-drhp-for-rs-10000-crore-ipo-first-qcom-only-listing-126060900099_1.html#:~:text=Zepto%27s%20Net%20Receivables%20Value%2C%20defined%20as%20the%20total%20monetary%20value%20of%20orders%20of%20goods%20sold%20on%20the%20platform%20after%20net%20discounts%2C%20plus%20user%20fees%2C%20subscription%20income%20and%20advertisement%20income%2C%20grew%20from%20%E2%82%B95%2C231.7%20crore%20in%20FY24%20to%20%E2%82%B924%2C815.5%20crore%20in%20FY26.
https://economictimes.indiatimes.com/tech/technology/inside-zeptos-profit-push-ahead-of-its-ipo/articleshow/131896791.cms#:~:text=On%20a%20per%2Dorder%20basis%2C%20however%2C%20losses%20narrowed%20to%20Rs%2079%20in%20FY26
https://www.reuters.com/article/technology/amazon-revenue-beats-forecast-cloud-computing-more-profitable-than-expected-idUSKBN0NE2GM/#:~:text=Amazon%20revenue%20beats%20forecast%2C%20cloud%20computing%20more%20profitable%20than%20expected
https://www.indmoney.com/blog/stocks/zepto-blinkit-instamart-loss-per-order-profitability#:~:text=Swiggy%20Instamart%20lost%20%E2%82%B985.18.
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