Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO

Zepto on Track to Reach Nearly $1 Billion in Net Order Value Ahead of Potential Public Listing

Quick-commerce startup Zepto is poised to surpass $1 billion in net order value (NOV) this quarter, as the company prepares for a potential public listing by the second half of July, according to sources familiar with the matter.

Net order value is a key operating metric for quick-commerce platforms, representing the value of orders after adjustments such as discounts, cancellations, and returns. Zepto's NOV growth is a significant indicator of the company's performance, with the startup having seen its NOV double from $500 million in late 2025, reflecting sustained growth in order volumes and customer demand.

The Securities and Exchange Board of India (SEBI) approved Zepto's initial public offering (IPO) in early May, paving the way for the company to file its updated Draft Red Herring Prospectus (DRHP), also known as the UDRHP. Following the filing, Zepto will initiate investor roadshows with the aim of launching its IPO in the second half of July.

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In contrast to its peers, Zepto has been focusing on value categories such as groceries, rather than high-value electronics, and is prioritizing density of dark stores over expansion into new cities. This strategic approach is expected to help the company reduce its cash burn.

The quick-commerce segment has emerged as one of the fastest-growing pockets of India's consumer internet economy, with companies expanding beyond grocery and daily essentials into categories such as beauty and personal care, electronics, fashion, home products, and general merchandise. However, this expansion has intensified competition and raised questions over long-term profitability.

The Zepto IPO, expected to be around Rs 10,000 crore or more, will be one of the biggest initial share sales this calendar year. The company's preparations for its public listing come amidst a backdrop of increased investment in quick-commerce platforms by e-commerce majors Amazon and Flipkart through their respective services Amazon Now and Flipkart Minutes.

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