Even as rapid commerce rival Zepto filed amended draft documents for its proposed IPO, shares of Eternal Ltd (Zomato) and Swiggy Ltd increased on Tuesday, somewhat reversing the losses from the previous session. In the midst of a fiercer struggle in India’s fast commerce market, Zepto filings show a robust increase in revenue and transaction value while reducing losses.
Swiggy shares increased 1.7 percent to Rs 245.3 in early trade, while Eternal stock, which owns Blinkit, was up about 1 percent at Rs 250.9. In the previous session, both big equities had dropped by almost 4% apiece.
For its planned IPO, Zepto submitted an amended draft red herring prospectus (UDRHP) to market regulator SEBI late on Monday. The offering consists of both an offer for sale by current shareholders and a new issue of equity shares valued at Rs 8,010 crore. It is anticipated that the IPO will total between Rs 9,000 and Rs 10,000 crore.
The filing has highlighted the quickly changing competitive environment in fast commerce: Through aggressive dark store expansion, logistics network expansion, and customer acquisition, Blinkit, Zepto, and Swiggy Instamart are engaged in a race for market share.
Zepto’s adjusted EBITDA loss decreased to Rs 1,248 crore from Rs 1,764 crore in the January-March quarter, while its revenue from operations increased 75% year over year to Rs 7,498 crore, according to the latest filing. Revenue more than doubled at Rs 22,624 crore for FY26.
For the March quarter, the company recorded a Net Receivables Value (NRV) of Rs 8,134 crore. Zepto’s equivalent transaction value was about Rs 7,592 crore after accounting for advertising revenue. According to data in the filing, this was less than Blinkit’s Rs 14,386 crore but more than Swiggy Instamart’s projected Rs 5,674 crore.
The latest prospectus showed Zepto closing the gap with market leader Blinkit and expanding its advantage over Instamart, showing the rapid growth of the quick commerce market.
Zepto intends to develop its network of dark stores, finance lease rentals, make investments in cloud infrastructure and technology, support marketing campaigns, and look for inorganic growth prospects with the money raised from the IPO.
| Metric | Zepto | Blinkit (Eternal) | Swiggy Instamart |
|---|---|---|---|
| Latest Development | Filed amended UDRHP with SEBI for IPO | Shares gained ~1% | Shares gained ~1.7% |
| IPO Size | ₹9,000–10,000 crore (expected) | N/A | N/A |
| Fresh Issue Component | ₹8,010 crore | N/A | N/A |
| Revenue (FY26) | ₹22,624 crore | N/A | N/A |
| Revenue Growth (YoY) | 75% growth in Q4 FY26 | N/A | N/A |
| Q4 Revenue | ₹7,498 crore | N/A | N/A |
| Adjusted EBITDA Loss (Q4) | ₹1,248 crore | N/A | N/A |
| Previous EBITDA Loss (Q4 FY25) | ₹1,764 crore | N/A | N/A |
| Net Receivables Value (NRV) | ₹8,134 crore | ₹14,386 crore | ₹5,674 crore (estimated) |
| Market Position | Second-largest player | Market leader | Third-largest player |
| Growth Focus | Dark stores, technology, logistics, marketing, acquisitions | Network expansion | Customer acquisition and expansion |
| Sector Impact | Highlights rapid growth in quick commerce | Positive sentiment for stock | Positive sentiment for stock |
