Zepto
Issue details
- Listing at
- NSE
- CIN
- U46909MH2020PLC351339
- Registered office
- Hiranandani Lighthall, A Wing, 6th floor, Saki Vihar Road, Andheri East, Mumbai 400 072, Maharashtra, India
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 23,128.38 | 11,602.75 | 4,544.17 |
| Revenue from operations | 22,623.58 | 11,109.95 | 4,454.52 |
| Other income | 504.79 | 492.81 | 89.66 |
| Total expenses | 29,026.75 | 16,241.07 | 5,751.21 |
| Operating profit | -5,898.37 | -4,638.32 | -1,207.04 |
| Operating margin | -25.50% | -39.98% | -26.56% |
| Profit before tax | -5,905.19 | -4,695.43 | -1,207.04 |
| Profit after tax | -5,905.19 | -4,699.71 | -1,214.79 |
| PAT margin | -25.53% | -40.51% | -26.73% |
| Balance sheet | |||
| Total assets | 13,510.11 | 13,800.13 | 2,898.27 |
| Current assets | 9,638.45 | 10,124.99 | 2,363.93 |
| Current liabilities | 5,307.7 | 3,347.33 | 834.65 |
| Total liabilities | 7,512.22 | 5,214 | 1,181.07 |
| Net worth | 5,997.89 | 8,586.13 | 1,717.19 |
| Current ratio | 1.82× | 3.02× | 2.83× |
| Return on equity | -98.45% | -54.74% | -70.74% |
| Cash flow | |||
| Operating cash flow | -3,462.44 | -4,624.83 | -1,097.88 |
| Investing cash flow | 1,807.87 | -7,361.81 | 348.89 |
| Financing cash flow | 1,895.21 | 10,784.55 | 1,860.37 |
| Net cash flow | 240.64 | -1,202.1 | 1,111.38 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Expenditure for expansion of dark store network through setting up of new dark stores in existing and new geographies ₹1,629 Cr
The company proposes to utilize funds for capital expenditure in relation to opening approximately 1,904 dark stores, measuring an aggregate of approximately 6.66 million square feet to 7.62 million square feet. The capital expenditure comprises fit-out items, cold room, cooling equipment, stabiliser, direct items, racks, bins and crates, CCTV and information technology infrastructure.
2 Expenditure towards lease rentals of existing dark stores ₹1,735 Cr
The company intends to utilize funds towards making lease payments of dark stores for Fiscals 2027, 2028, 2029 and 2030. The lease payments are based on actual amounts payable based on valid and existing lease deeds which have been entered into by the company with various lessors for the dark stores.
3 Investment in technology and cloud infrastructure ₹1,325 Cr
The company intends to continue investing in its in-house technology stack as a critical lever to unlock additional cost efficiencies, expand margins, and enhance platform scalability. The funds will be used for cloud storage and infrastructure services, data processing and analytics services, and other efficiency and automation tools.
4 Investment in Subsidiary, Zepto Marketplace Private Limited for marketing and business promotion expenses for enhancing brand awareness and visibility of platform ₹520 Cr
The company proposes to invest in its subsidiary ZMPL in the form of equity, which will carry out marketing and business promotion activities. The deployment includes digital marketing, brand marketing through print media campaigns, television, digital media and online media based on business requirements.
5 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company expects to utilize funds towards funding inorganic growth through acquisitions and general corporate purposes. Potential acquisitions will be undertaken to augment growth and strengthen business across multiple dimensions within the quick commerce ecosystem, subject to regulatory limits.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Zepto
Zepto Limited (formerly Kiranakart Technologies Private Limited) was incorporated on December 5, 2020, and commenced operations in July 2021 as a quick commerce platform primarily for groceries, fruits and vegetables, beauty and personal care products, packaged foods, and beverages. The company has since expanded into new retail categories such as household electronics and cosmetics, and launched new business offerings including an advertising business. Zepto operates a marketplace model where Merchant Partners sell products on the platform for a pre-agreed commission. The company uses a network of dark stores (small, delivery-only warehouses located close to users) and engages Delivery Partners on a gig economy, principal-to-principal, non-exclusive basis for last-mile delivery. Zepto has expanded its presence across many cities in India and generated Revenue from operations of ₹226,235.84 million in Fiscal 2026, though it has incurred cumulative losses since inception.
Management
Paul Hudson
Director
Aadit Palicha
MD
Strengths
As stated in the offer document
Densification flywheel that lowers delivery costs and deepens user value proposition
The company's densification strategy creates a self-reinforcing effect where higher order volumes enable more dark stores, reducing average distance per order from 2.05 km in Fiscal 2024 to 1.83 km in March 2026, ultimately driving lower delivery costs and better user value.
Data flywheel that enhances user experience through personalization
The company captures granular search behavior and purchase signals to improve product assortment, expanding from 12,312 SKUs in Fiscal 2024 to 49,602 SKUs in March 2026, driving stronger user engagement and repeat purchases.
Focus on operational excellence to drive cost improvements
The company has built in-house processes including WMS, workforce management platform, and automation systems like 'Put to Light' sorting stations and linear sorters, supported by Lean and Six Sigma certified professionals in the supply chain team.
Technology-native culture with comprehensive in-house infrastructure
The company developed an in-house technology stack including personalized user journey systems, supply chain intelligence, workforce management platform, last-mile delivery platform, and brand insights advertising engine, all purpose-built for quick commerce.
Scalable cost structure with improving unit economics
The company achieved visible improvements in unit economics with Fixed Cost per Order decreasing from ₹80.72 to ₹52.34, Digital Marketing Cost per Order improving from ₹10.82 to ₹1.01, and Total Cost per Order reducing by ₹28.90 between June 2023 and March 2026.
Founder-led company with experienced management team
The company is driven by founders Aadit Palicha and Kaivalya Vohra, supported by a management team with experience across e-commerce, manufacturing, and retail, achieving the fastest growth among scaled quick commerce platforms with 119.50% CAGR in order volume between Fiscal 2024-2026.
Risk factors
As stated in the offer document
Significant Operating Losses and Negative Cash Flows
The company has incurred substantial losses since inception, with restated losses of ₹59,051.92 million, ₹46,997.14 million and ₹12,147.94 million in Fiscals 2026, 2025 and 2024, respectively. The company also experienced negative cash flows from operating activities of ₹34,624.42 million, ₹46,248.34 million and ₹10,978.80 million for the same periods.
Critical Dependence on User Acquisition and Retention
The company's growth depends on its ability to retain and acquire users cost-effectively, with user retention rates showing some decline in recent cohorts. Advertisement expenses as a percentage of revenue from operations were 6.14%, 10.68% and 6.81% for Fiscals 2026, 2025 and 2024, respectively, indicating significant marketing investment required.
Dependence on Partner Network for Business Operations
The company's success relies heavily on acquiring and retaining Brand Partners, Merchant Partners and Farmer Partner Network to maintain product assortment and advertising revenue. The company operates on non-exclusive arrangements with partners, creating risk of partner attrition to competitors.
Critical Reliance on Delivery Partner Network
The company depends on a large network of Delivery Partners for order fulfillment, with delivery and handling expenses representing 13.47%, 14.39% and 13.04% of revenue from operations for Fiscals 2026, 2025 and 2024. The company has experienced delivery partner strikes and disruptions that could impact operations.
Dark Store Network Operational Risks
The company's operations depend critically on dark stores, with 1,139 stores as of March 31, 2026. The company faces risks from lease terminations, regulatory compliance issues, and dependence on Growth Partners who operate 36.61% of dark stores, potentially leading to operational inconsistencies.
Intense Competition and Low Barriers to Entry
The company faces significant competition in the quick commerce industry with low barriers to entry and low switching costs for customers. The company's order volume growth rate of 119.50% CAGR may not be sustainable as competition intensifies and competitors may offer better terms or innovative features.
Limited Operating History and Business Model Transition
The company started operations in July 2021 and has limited experience operating at current scale and complexity. The company transitioned to a marketplace model with limited historical basis for making judgments about future operating results.
Company Analysis
from PROSPECTUSZepto is a quick-commerce platform operating in India that delivers groceries, fresh produce, beauty and personal care products, packaged foods, and beverages through a marketplace model using dark stores and a gig economy delivery network.
Zepto Limited (formerly Kiranakart Technologies Private Limited) was incorporated on December 5, 2020, and commenced operations in July 2021 as a quick commerce platform primarily for groceries, fruits and vegetables, beauty and personal care products, packaged foods, and beverages. The company has since expanded into new retail categories such as household electronics and cosmetics, and launched new business offerings including an advertising business. Zepto operates a marketplace model where Merchant Partners sell products on the platform for a pre-agreed commission. The company uses a network of dark stores (small, delivery-only warehouses located close to users) and engages Delivery Partners on a gig economy, principal-to-principal, non-exclusive basis for last-mile delivery. Zepto has expanded its presence across many cities in India and generated Revenue from operations of ₹226,235.84 million in Fiscal 2026, though it has incurred cumulative losses since inception.
Objects of the Issue
- Not specified in Part 1 - refer to full document p.3
- Expansion of dark store network through setting up of new dark stores in existing and new geographies ₹16,289.75 million (up to) p.50
- Expenditure towards lease rentals of existing dark stores p.51
- Investment in technology and cloud infrastructure p.51
- Investment in subsidiary Zepto Marketplace Private Limited p.51
- Marketing and business promotion expenses p.51
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.44
- Funding capex ₹80,100.00 million (Fresh Issue component) p.98
- Expenditure for expansion of our dark store network through setting up of new dark stores in existing and new geographies ₹16,289.75 million p.148
- Expenditure towards lease rentals of existing dark stores ₹17,349.41 million p.154
- Investment in technology and cloud infrastructure ₹13,247.83 million p.155
- Investment in our Subsidiary, Zepto Marketplace Private Limited for marketing and business promotion expenses for enhancing the brand awareness and visibility of our platform ₹5,200.00 million p.149
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.149
- Not stated in this document section
- Expenditure for expansion of our dark store network through setting up of new dark stores in existing and new geographies p.278
- Expenditure towards lease rentals of existing dark stores p.278
- Funding capex for dark stores and infrastructure expansion ₹80,100.00 million (Fresh Issue size) p.635
Issue Structure
- Total Issue
- Up to [●] equity shares of face value ₹ 5 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] equity shares of face value ₹5 each aggregating up to ₹ 80,100.00 million
- Offer for Sale
- Up to 113,466,566 equity shares of face value ₹ 5 each aggregating up to ₹ [●] million
- Price Band
- [●]
- Lot Size
- [●] equity shares of face value ₹ 5 each and in multiples of [●] equity shares of face value ₹ 5 thereafter
- Face Value
- ₹ 5 each
Business Model
Zepto operates a marketplace model where Merchant Partners list and sell products on the platform for a pre-agreed commission calculated as a percentage of the order value. The company generates revenue from: (1) commission on product sales from Merchant Partners; (2) fees paid by users (net of discounts); (3) subscription income from services such as Zepto Pass; and (4) advertisement revenue from Brand Partners. The company earns Net Receivables Value (NRV) which includes the total monetary value of orders of goods sold reduced by net discounts, actual fees paid by users, subscription income, and advertisement income (all inclusive of taxes). Zepto uses dark stores owned or franchised through Growth Partners to fulfill orders, and engages Delivery Partners for last-mile delivery on a gig economy basis.
Business Segments
SWOT Analysis
- • Rapid order volume growth as fastest growing quick commerce platform(p.35)
- • Strong user retention and repeat order patterns(p.31)
- • Significant expansion of dark store network(p.34)
- • Growing active delivery partner base supporting scale(p.33)
- • Densification-led expansion strategy reducing delivery costs and improving unit economics(p.151)
- • Significant scale achieved with strong order and revenue growth(p.167)
- • Technology-native culture enabling competitive advantages and cost optimization(p.163)
- • Large and growing user base with strong engagement metrics(p.155)
- • Strong cash position enabling continued investment in growth(p.167)
- • Advertising monetization lever emerging as significant growth driver(p.167)
- • Fastest growing quick commerce platform by order volume among scaled peers (119.50% CAGR FY2024-FY2026)(p.237)
- • Densification flywheel reduces delivery costs and drives order volume through lower fees and improved user value(p.256)
- • In-house technology stack purpose-built for quick commerce enhances operational efficiency and user experience(p.248)
- • High-margin advertising revenue stream with significant growth trajectory (151.17% YoY growth FY2025-FY2026)(p.241)
- • Data flywheel enables continuous product assortment expansion and improved user retention across categories(p.257)
- • Operational excellence through in-house processes, automation, and Lean/Six Sigma certified workforce(p.258)
- • Strong capital efficiency model with lower cumulative capital requirements for scaling versus organized retail(p.215)
- • Rapid order volume growth and market leadership position(p.268)
- • In-house technology stack enabling operational efficiency(p.259)
- • Superior unit economics with declining cost per order(p.267)
- • Strong brand recognition reducing customer acquisition costs(p.265)
- • Founder-led company with strong leadership commitment(p.268)
- • Vertically integrated F&V supply chain with collection centers(p.274)
- • High user retention with improving retention cohorts(p.270)
- • Experienced management team with deep sector expertise across supply chain, technology, and growth(p.316)
- • Established governance framework with functional board committees (Audit, Nomination & Remuneration, Stakeholders' Relationship, CSR, Risk Management)(p.310)
- • Young, entrepreneurial founding team with significant shareholding commitment(p.318)
- • Significant technology development and marketplace platform investments(p.361)
- • Strong intangible asset base with marketplace platform development(p.361)
- • Diversified revenue streams including services and advertising(p.378)
- • Substantial current investments providing financial flexibility(p.362)
- • Strong equity base and no material debt obligations(p.375)
- • Strong cash position and access to capital markets(p.513)
- • Rapidly growing revenue from operations(p.501)
- • Expanding service revenue streams beyond core delivery business(p.501)
- • Significant lease infrastructure for scale (non-current lease liabilities expanding)(p.496)
- • Persistent operating losses and negative cash flows since inception(p.28)
- • Declining user retention rates in recent cohorts(p.30)
- • Limited operating history and experience at current scale(p.36)
- • High dependence on delivery partner availability and satisfaction(p.33)
- • Dependence on third-party contract manufacturers for private label and Zepto Café businesses with non-exclusive, short-term agreements lacking long-term cost certainty(p.53)
- • High employee attrition rates across the organization, particularly among operating staff (73.22% in Fiscal 2026)(p.47)
- • Pending regulatory investigations and inquiries from Directorate of Enforcement regarding foreign investments and business model(p.45)
- • Subsidiaries incurring significant losses, requiring potential financial support(p.44)
- • Delays in payment of statutory dues, particularly provident fund contributions(p.42)
- • Significant contingent liabilities related to pending litigation regarding defamatory article(p.41)
- • Statutory auditor modifications regarding absence of enabled audit trail features and backup systems(p.41)
- • Inventory write-downs and provisions for perishable products significant in Fiscal 2025 (₹613.63 million)(p.40)
- • Persistent cash burn and negative free cash flow despite revenue growth(p.167)
- • Significant operating losses with negative Adjusted EBITDA margins(p.167)
- • High concentration of lease expenditure as percentage of revenue(p.154)
- • Dependence on multiple technology vendors and services for operations(p.155)
- • Significant ongoing capital expenditure requirements for dark store expansion(p.151)
- • Yet to identify exact locations for proposed dark store expansion(p.151)
- • Negative Adjusted EBITDA with ongoing path to profitability uncertain(p.253)
- • Negative Free Cash Flow per order indicating cash burn despite revenue growth(p.252)
- • Heavy dependence on gig workers with associated attrition and retention challenges(p.235)
- • Reliance on venture capital funding with significant cash burn requiring continuous capital raises(p.253)
- • Significant ongoing negative unit economics and cash burn(p.268)
- • Dependence on third-party Growth Partners for dark store operations(p.277)
- • Nascent private label business with limited scale(p.272)
- • Limited profitability trajectory with reliance on scale(p.264)
- • Exposure to concentrated customer base and concentrated geographies(p.269)
- • Significant operating losses with deteriorating trend and negative working capital conversion(p.331)
- • High cash burn rate despite fundraising, negative cash flows from operations for three consecutive years(p.335)
- • Young, unproven founding team (both co-founders aged 23) with limited track record in managing scale(p.318)
- • Accumulated losses and negative retained earnings of ₹77,453.86 million as of March 31, 2026(p.334)
- • Heavy dependence on continued fundraising; current assets significantly exceed liabilities largely due to invested capital(p.330)
- • Recent high-level personnel changes including Company Secretary and CHRO within last six months(p.317)
- • Persistent operating losses and negative retained earnings(p.374)
- • Significant employee share-based payment obligations(p.379)
- • High delivery and handling costs relative to operations(p.379)
- • Large accumulated losses and negative net comprehensive loss carryforward(p.394)
- • Dependency on conversion of preference shares for capital structure(p.367)
- • Persistent and accelerating operating losses(p.506)
- • High share-based payment expense eroding profitability(p.503)
- • Significant employee benefit obligations and gratuity liabilities(p.500)
- • Rising delivery and handling expenses as percentage of revenue(p.502)
- • Dependence on a limited number of major customers(p.522)
- • Multiple regulatory and food safety violations across establishments(p.587)
- • Expired product storage and quality control failures(p.587)
- • Duplicate FSSAI license violations across premises(p.587)
- • Inventory theft from multiple delivery hubs and stores(p.590)
- • Promoter involvement in regulatory violations and wage law breaches(p.591)
- • High outstanding creditor dues and liquidity concerns(p.596)
- • Enforcement Directorate investigation into foreign exchange and financial matters(p.592)
- • Expansion of product categories and service offerings(p.28)
- • Growth in quick commerce market still in early stages(p.36)
- • Technology and automation integration for operational efficiency(p.35)
- • Expansion into new geographies(p.28)
- • Development of advertising business as revenue stream(p.28)
- • Expansion of dark store network from 1,139 stores across 66 cities, with plans to open approximately 1,904 new dark stores(p.50)
- • Geographic expansion into new cities including Guwahati, Patna and Ranchi where company does not have presence(p.39)
- • Growing market adoption of quick commerce aligned with India's consumption patterns of high-frequency grocery purchases(p.50)
- • Expansion of private label and Zepto Café businesses to diversify revenue streams(p.53)
- • Investment in technology infrastructure and platform innovation including warehouse management systems and automation assets(p.40)
- • Inorganic growth through unidentified acquisitions using up to 10% of gross proceeds from Fresh Issue(p.44)
- • Rapid growth in Indian quick commerce market with GMV expanding significantly(p.195)
- • Rising consumption from expanding middle and high-income households(p.196)
- • Significant expansion opportunity through geographic penetration in tier II and tier III cities(p.151)
- • Inorganic growth through acquisitions and strategic investments in complementary businesses(p.159)
- • Increasing urbanization and nuclear household formation driving convenience-led consumption(p.197)
- • Growing female workforce participation and dual-income households increasing demand for convenience(p.198)
- • Quick commerce projected to grow 5-7x from CY2025 to CY2030, capturing 9-11% of incremental retail growth(p.203)
- • Non-metro cities represent 25-39x growth opportunity, projected to contribute 27-30% of quick commerce GMV by CY2030(p.217)
- • Category expansion into non-grocery (39-44% of GMV by CY2030) offers higher margins and wallet share(p.217)
- • Advertising market share opportunity with quick commerce projected to grow from ~5% in CY2025 to significant headroom vs mature markets at 35-50%(p.213)
- • Micro-market density expansion in existing cities with significant underpenetration (e.g., Mumbai at 1% penetration vs 7-8% by CY2030)(p.202)
- • India's retail market growth of 1.5-1.6x by GMV from CY2025 to CY2030 with quick commerce as transformative channel(p.244)
- • Significant underpenetrated quick commerce market with growth potential(p.269)
- • Expanding into high-margin non-grocery categories(p.272)
- • Growing advertising revenue with brand monetization potential(p.271)
- • Hyper-local advertising model with superior ROAS(p.262)
- • Adjacent category expansion including pharmacy(p.275)
- • Large untapped F&V market with high consumer engagement(p.273)
- • Significant capacity for growth in quick commerce and B2B services in India market(p.337)
- • Platform-based revenue model with intellectual property licensing and marketplace expansion potential(p.338)
- • Revenue from advertisement and platform services with lower capital intensity than logistics(p.337)
- • Strong financial position to fund growth with significant liquid investments and capital access(p.330)
- • Rapid revenue growth trajectory enabling scale(p.378)
- • Expansion of advertising revenue model(p.378)
- • Platform services and marketplace expansion(p.378)
- • Technology development and marketplace platform monetization(p.361)
- • Diversified customer base with growing wholesale operations(p.378)
- • Expansion of advertising and platform services revenue(p.501)
- • Growth through franchisee model expansion(p.499)
- • Expansion of dark store and warehousing network(p.506)
- • Supplier finance arrangements indicating vendor partnership expansion(p.498)
- • Intense competition from well-capitalized and established competitors(p.35)
- • Low barriers to entry enabling new competition(p.36)
- • Risk of technology disruption and rapid innovation by competitors(p.36)
- • Dependence on critical technology infrastructure and cloud providers(p.36)
- • Merchant partner inventory risk and demand forecasting challenges(p.35)
- • Low barriers to entry in quick commerce industry with competitors adopting similar features and aggressive pricing(p.57)
- • Evolving regulatory requirements including new Labour Codes potentially increasing financial burden(p.61)
- • Regulatory risks related to dark patterns including notices from Central Consumer Protection Authority(p.49)
- • Dependence on third-party service providers including cloud infrastructure and payment gateways creating operational risk(p.50)
- • Seasonality and external factors including monsoon and festivals causing order volume fluctuations(p.56)
- • Foreign exchange and inflation pressures in Indian economy affecting costs and consumer spending(p.62)
- • Product quality and food safety risks including contamination and regulatory non-compliance(p.38)
- • FEMA regulations and foreign investment restrictions limiting capital raising and operational flexibility(p.62)
- • Negative publicity and reputational risks from food safety incidents and media coverage(p.38)
- • Quick commerce market may not grow as expected or may develop slower than anticipated(p.50)
- • Intense competition in quick commerce from multiple well-funded players(p.166)
- • Rapid inflation in lease costs and dark store capital expenditure requirements(p.152)
- • Regulatory and compliance risks specific to quick commerce operations(p.150)
- • Macroeconomic headwinds including interest rate and foreign exchange volatility(p.150)
- • Volatility in input costs and supply chain disruptions(p.150)
- • Increasing competition from multiple players including Blinkit, Instamart, and e-commerce giants' instant delivery services(p.220)
- • Regulatory and labour law compliance risks related to gig worker classification and worker rights(p.235)
- • Economic downturns and inflation pressuring consumer spending and basket sizes, particularly for discretionary purchases(p.235)
- • Logistics challenges from external factors like traffic and weather affecting delivery times and customer experience(p.235)
- • Limited addressable market in low-density areas restricting TAM to high-density urban geographies(p.235)
- • Intense competition in quick commerce market from well-funded competitors(p.269)
- • Regulatory changes in e-commerce and digital platforms(p.283)
- • Dependence on third-party delivery partners for last-mile operations(p.277)
- • Potential regulatory requirements for franchise-based dark store model(p.277)
- • Evolving data protection and privacy regulations(p.283)
- • Food safety and compliance requirements across categories(p.284)
- • Competitive pressure from established e-commerce and quick commerce players with larger scale and resources(p.337)
- • Dependence on Platform Licensees for revenue generation with potential relationship risks(p.337)
- • Complex capital structure with multiple classes of preference shares and conversion obligations affecting future dilution(p.332)
- • Recent subsidiary divestitures (Quvora Software Solutions and Zavrix Realty) indicate strategic shifts and potential asset value concerns(p.322)
- • IT systems and audit control deficiencies noted in prior auditor reports affecting financial reporting reliability(p.327)
- • High lease obligations and real estate cost exposure(p.375)
- • Increasing warehousing and operational expenses(p.380)
- • Competitive advertising and marketing cost pressures(p.380)
- • Regulatory changes impacting employee benefit costs(p.380)
- • Rising interest and finance costs on lease obligations(p.379)
- • Regulatory changes affecting employee compensation and benefits(p.505)
- • Increased finance costs from lease obligations(p.503)
- • Rising trade payables and extended payment terms to vendors(p.497)
- • Pending litigations creating contingent liabilities(p.512)
- • Foreign exchange exposure on international operations and transactions(p.517)
- • Ongoing food safety regulatory enforcement across multiple states(p.587)
- • Dark pattern regulatory action and consumer protection enforcement(p.593)
- • Public interest litigation regarding vehicle safety compliance for delivery operations(p.593)
- • Accessibility compliance litigation affecting digital platform operations(p.593)
- • Multiple trade license and health registration deficiencies(p.589)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aadit Palicha | Promoter | — | — |
| Kaivalya Vohra | Promoter | — | — |
| Lazarus Trust | Promoter Group | — | — |
| The Vohra Trust | Promoter Group | — | — |
| Kavit Palicha | Trustee of Lazarus Trust | — | — |
| Jaideep Vohra | Trustee of The Vohra Trust | — | — |
| Aadit Palicha | Promoter | — | — |
| Kaivalya Vohra | Promoter and Whole-Time Director | — | — |
| Aadit Palicha | Promoter | 134,459,146 equity shares (1.07% on fully diluted basis) | [●] |
| Kaivalya Vohra | Promoter | 112,049,289 equity shares (0.89% on fully diluted basis) | [●] |
| Lazarus Trust | Promoter | 1,138,384,797 equity shares (9.03% on fully diluted basis) | [●] |
| The Vohra Trust | Promoter | 943,054,929 equity shares (7.48% on fully diluted basis) | [●] |
| Raamdeo Ramgopal Agarwal | Promoter Group | — | — |
| Vimla Motilal Oswal | Promoter Group | — | — |
| Motilal Gopilal Oswal (as a trustee for the Vimla Oswal Family Trust) | Promoter Group | — | — |
| Not stated in this document section | Promoter details not provided in Part 5 | — | — |
| Aadit Palicha | Promoter | — | — |
| Kaivalya Vohra | Promoter | — | — |
| Kavit Palicha (as trustee of Lazarus Trust) | Family Trustee/Promoter Group | — | — |
| Jaideep Vohra (as trustee of The Vohra Trust) | Family Trustee/Promoter Group | — | — |
| Aadit Palicha | Individual Promoter | — | — |
| Kaivalya Vohra | Individual Promoter | — | — |
| Lazarus Trust | Promoter Trust | — | — |
| The Vohra Trust | Promoter Trust | — | — |
| Kavit Palicha | Promoter (Trustee of Lazarus Trust) | — | — |
| Jaideep Vohra | Promoter (Trustee of The Vohra Trust) | — | — |
| Aadit Palicha | Promoter | — | — |
| Kaivalya Vohra | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.