Zepto Shares Crash 30% in Unlisted Market Despite SEBI Nod for IPO. What's Cooking?

Zepto’s unlisted share price has slipped sharply even after SEBI’s in-principle IPO approval, showing that the grey/unlisted market is focusing less on listing excitement and more on valuation, liquidity, competition, and losses. The stock was quoted around ₹58 at the start of April 2026 and fell to roughly ₹40–₹42 by late May, while also dropping about 40% from its December peak of ₹68. (Source: ET)

TL;DR

Zepto unlisted share price fell nearly 30% since April 2026, from around ₹58 to ₹40-₹42. Despite the correction, Zepto still has SEBI approval for its IPO and is reportedly targeting a public issue in the ₹7,500 crore- ₹9,300 crore range with the listing expectations around July-September 2026.

What Happened to Zepto Share Price?

In the unlisted market, Zepto Share price moved from about ₹58 in early April to nearly ₹42 by late May 2026, which translates to a fall of almost 30%. Some dealer-market tracking also cited a move from around ₹52 a month earlier to about ₹40, reinforcing the same weak price trend.

The correction matters because it came after SEBI cleared the IPO path, which usually supports sentiment. Instead, the fall suggests buyers in the unlisted market are pricing in risk aggressively rather than optimism.

What’s Cooking?

The biggest issue is that the market seems unconvinced that IPO approval alone can justify a premium valuation in highly competitive and loss making quick commerce business. Planify reported Zepto is targeting a public market valuation of about $7–8 billion, while dealer market valuation was cited around ₹38,000 crore in late May reporting. 

Zepto is also facing pressure from Blinkit, Swiggy Instamart, Amazon Now, Flipkart Minutes, and Tata-backed BigBasket. Investors are tracking whether Zepto can protect growth without overspending. 

Other than this, profitability worries are hard to ignore. One report cited FY 25 revenue at ₹11,110 crore and FY 25 net loss at ₹3,367.3 crore. On the other hand, revenue in FY 24 reported was ₹4,454 crore and net loss of ₹1,214.7 crore.

Financial Figures

Source: economictimes.indiatimes

Is the Zepto Business Still Growing?

Yes, operationally Zepto still appears to be growing fast. The company was reported to be delivering more than 2.5 million orders daily. Its dark store network expanded to about 1,150 in FY 25 from 650 in FY 24. 

That means the correction in the Zepto share price is less about business momentum collapsing and more about whether growth is coming at too high a cost. Public market investors usually reward scale only when they can also see a credible path to sustainable margins.

What Investors Should Watch?

The biggest trigger now is the updated IPO documentation and the company’s latest financial disclosure. Investors will likely focus on valuation, monthly cash burn, and whether the store-level profitability can improve before listing. 

Another important point is price discovery. Because Zepto is unlisted, current trades happen with limited transparency, so the eventual IPO price could either validate the current unlisted levels. 

Conclusion

Zepto share price has corrected sharply in the unlisted market because investors are looking beyond the SEBI nod. Strong growth, rising order volumes, and IPO progress are positives, but the fierce quick commerce competition is keeping sentiment cautious for now.

For unlisted share update, check here.

FAQs

What is Zepto share price in the unlisted share market?

Zepto’s unlisted share price is at about ₹40–₹42 in late May 2026.

Why did Zepto share price fall despite SEBI approval?

The decline is because of the cautious sentiments of the buyers who are concerned about valuation, weak liquidity, and profitability for the quick commerce store.

How much have the Zepto share price fallen?

Zepto’s unlisted share price has fallen 30% since April 2026.

Is Zepto planning for an IPO?

Yes, after the SEBI has given a nod, Zepto is set to target for IPO in July-September 2026.