Zepto set to cross ₹10,000 crore quarterly order value, closing in on larger rivals

Quick commerce startup Zepto is on track to cross ₹10,000 crore in net order value (NOV) during the April to June 2026 quarter, according to people aware of the matter, almost double the roughly ₹4,900-5,000 crore run rate reported in late 2025.

It would place Zepto firmly among the country's largest quick commerce players. The growth comes as the company intensifies its focus on profitability, operating efficiency and preparations for a potential public market debut.

Daily order volumes, which were previously reported at around 1.3 million, are estimated by industry observers to have crossed 2.4 million. The company is reportedly looking to raise around ₹11,000 crore through a combination of a fresh issue of shares and an offer for sale by existing investors.

Investor disclosures and media reports suggest Zepto has materially reduced its cash burn over the past year. Quarterly cash burn is estimated to have declined from about ₹1,200-1,300 crore to around ₹850-900 crore, while losses have narrowed as the company benefits from higher order density, better supply chain efficiency and operating leverage.

The improvement is significant because the quick commerce sector is increasingly moving beyond a network expansion story. With store additions moderating across the industry, growth is now being driven by higher throughput from existing infrastructure rather than aggressive dark store expansion.

As more orders flow through the same network, fixed costs are distributed across a larger base, helping improve contribution margins and lower fulfilment costs per order. Industry analysts say this density-led model is emerging as one of the most important indicators of long-term profitability in quick commerce.

Advertising emerges as second profit engine

Alongside transaction growth, quick commerce companies are building a new stream of high-margin revenues through advertising.

Brands are increasingly directing marketing budgets toward sponsored listings, search placements, product launches and in-app visibility on quick commerce platforms. Industry estimates suggest advertising revenues across the sector could approach ₹5,000 crore in 2026, rising sharply from the previous year.

For companies such as Zepto, advertising revenues typically carry significantly higher margins than transaction-led income, strengthening the overall quality of earnings.

People familiar with Zepto's strategy said the company has also increasingly leaned towards an Every Day Low Price (EDLP) approach aimed at improving value perception and increasing purchase frequency. Analysts believe such a strategy can strengthen customer retention and drive higher order density over time.

The company's growth trajectory also stands out against peers. Market leader Blinkit reported a NOV of ₹14,386 crore in the fourth quarter of FY26 while Swiggy's Instamart reported a gross order value of ₹7,881 crore during the same period.

The discussion around valuation, however, continues to dominate investor conversations. Zepto last raised $450 million at a valuation of $7 billion.  Meanwhile, Zepto is reportedly looking to raise around ₹11,000 crore through a combination of a fresh issue of equity shares and an offer for sale by existing investors.