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Zepto heads for IPO amid quick-commerce boom
BENGALURU: Zepto has joined India’s IPO queue, filing confidential papers for a stock market listing as the country’s quick-commerce arms race shifts up a gear.
The four-year-old startup has submitted draft documents under the confidential route, allowing it to keep details under wraps until closer to launch, according to regulatory filings. The move positions Zepto among the most closely watched public market candidates of 2025, a year expected to see record fundraising in Indian equities.
Founded in 2021, Zepto has ridden India’s appetite for instant gratification, promising deliveries in 10 minutes and expanding aggressively across major cities. The company now offers more than 45,000 products, spanning groceries to everyday essentials, and is locked in a costly fight for urban consumers with rivals such as Blinkit, owned by Eternal, and Swiggy’s Instamart.
The sector has become one of India’s most capital-intensive consumer battles, with players pouring billions into dark stores, logistics and last-mile delivery as speed becomes the ultimate differentiator.
Zepto’s IPO plans follow a $450 million funding round in October that valued the company at $7 billion, underlining investor appetite even as competition squeezes margins.
As India’s markets brace for a bumper year of listings, Zepto’s filing sends a clear signal. The quick-commerce land grab is far from over, and the next phase of the fight is heading straight for the stock exchange.
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Jio Financial Services posts Rs 1,560 crore FY26 profit
Revenue rises to Rs 3,513 crore as investments and lending scale up.
MUMBAI: If money makes the world go round, Jio Financial Services Limited is quietly spinning a much bigger wheel. The Reliance-backed financial arm reported a consolidated net profit of Rs 1,560.9 crore for FY26, slightly lower than Rs 1,612.6 crore in FY25, even as revenue growth gathered pace.
Total revenue from operations rose sharply to Rs 3,513.3 crore in FY26 from Rs 2,042.9 crore a year earlier, driven largely by a surge in interest income, which more than doubled to Rs 1,901.9 crore from Rs 852.5 crore. Fee and commission income also saw a significant jump to Rs 597 crore, compared to Rs 155.2 crore in FY25, reflecting expanding financial services activity.
For the March quarter, profit stood at Rs 272.2 crore, broadly flat compared to Rs 269 crore in the same period last year. Quarterly revenue from operations climbed to Rs 1,018.5 crore, up from Rs 493.2 crore year-on-year, signalling steady momentum in core income streams.
Expenses, however, moved in tandem with growth. Total costs nearly quadrupled to Rs 1,982.9 crore in FY26 from Rs 524.8 crore in FY25, with finance costs alone rising to Rs 745.1 crore from just Rs 7.7 crore a year earlier, reflecting increased borrowing and scale of operations. Employee expenses also grew to Rs 387.3 crore, while other expenses expanded to Rs 755 crore.
Profit before tax stood at Rs 1,911.7 crore for the year, slightly below Rs 1,946.9 crore in FY25. After accounting for a total tax outgo of Rs 350.8 crore, the company reported its final net profit figure.
Beyond the income statement, the balance sheet tells a story of rapid expansion. Total assets surged to Rs 1,63,497 crore as of March 31, 2026, up from Rs 1,33,510 crore a year earlier. Investments alone stood at Rs 1,33,088.7 crore, underscoring the company’s strong focus on treasury and financial asset growth.
However, the year also saw sharp volatility in other comprehensive income, which swung to a loss of Rs 16,028.3 crore, largely driven by fair value changes in equity instruments. This dragged total comprehensive income for FY26 to a negative Rs 15,756.1 crore, compared to a positive Rs 14,870 crore in FY25.
On the capital front, the company’s paid-up equity share capital remained steady at Rs 6,353.1 crore, with other equity rising to Rs 1,27,500.5 crore.
The numbers reflect a business in transition scaling rapidly across lending, investments and fee-based services, but also navigating the volatility that comes with mark-to-market movements in financial assets. In other words, while the top line is accelerating, the fine print still carries a few swings.
