Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.</li>
<li>Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.</li>
<li>Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.</li>
</ul>



Zepto (1936629D IN) has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.
Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.
Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO.
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas - Zepto - The Negatives - Losses Will Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO. 
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the positive aspects of the deal. 


Aequitas - Zepto - The Positives - Has Grown Very Fast

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, MS, GS, HSBC, JM Fin, Motilal Oswal and IIFL.</li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>According to the Redseer report, Zepto was the fastest growing quick commerce platform in India in terms of order volume between FY24-26 amongst scaled quick commerce platforms.</li>
</ul>



Zepto (1936629D IN) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, MS, GS, HSBC, JM Fin, Motilal Oswal and IIFL.
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
According to the Redseer report, Zepto was the fastest growing quick commerce platform in India in terms of order volume between FY24-26 amongst scaled quick commerce platforms.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Zepto filed its Updated DRHP on June 9, 2026, with a INR 8,010 crore fresh issue and 11.35 crore-share OFS, becoming the first standalone quick commerce player seeking domestic listing.</li>
<li>FY26 revenue doubled to INR 22,624 crore, while losses widened to INR 5,905 crore, testing investor appetite for high-growth, loss-making platforms in a competitive market.</li>
<li>Zepto is a strong 2nd player in a 40%+ growth market, but investors must assess whether IPO pricing reflects its path to profitability.</li>
</ul>


Zepto filed its Updated DRHP on June 9, 2026, with a INR 8,010 crore fresh issue and 11.35 crore-share OFS, becoming the first standalone quick commerce player seeking domestic listing.
FY26 revenue doubled to INR 22,624 crore, while losses widened to INR 5,905 crore, testing investor appetite for high-growth, loss-making platforms in a competitive market.
Zepto is a strong 2nd player in a 40%+ growth market, but investors must assess whether IPO pricing reflects its path to profitability.


Zepto IPO: India's Fastest-Growing Quick Commerce Platform

India

Zepto offers a 10-minute grocery delivery service through an e-grocery app that revolutionizes the grocery buying experience.

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Zepto (1936629D IN)

Zepto IPO- The Cost of Going Quick

Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...

Nitin Mangal

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Zepto Pre-IPO Tearsheet

Zepto Ltd is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, MS, GS, HSBC, JM Fin, Motilal Oswal and IIFL.

Akshat Shah

Zepto IPO: India's Fastest-Growing Quick Commerce Platform

Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Zepto IPO- The Cost of Going Quick

​Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...

Nitin Mangal

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Zepto Pre-IPO Tearsheet

Zepto Ltd is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Axis, MS, GS, HSBC, JM Fin, Motilal Oswal and IIFL.

Akshat Shah

Zepto IPO: India's Fastest-Growing Quick Commerce Platform

​Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...

Sudarshan Bhandari

Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...

Zepto, a quick commerce player, files DRHP with INR 8,010 crore fresh issue and 11.35 crore-share OFS, testing investor appetite for high-growth,...