The Short Version
Zepto's updated DRHP runs 690 pages under Section 32 of the Companies Act, which requires the company to swear the document is true, correct, and not misleading by omission. Zepto Café appears exactly three times in that document, none with a store count or revenue figure. Zepto Relish, the company's private-label meat brand, appears exactly once, as a passing trademark note, and is absent from the business section's own showcase of its private-label brands. Both have been the subject of specific, ambitious revenue claims made directly to the press by Zepto's CEO and cited by trade media. Neither claim shows up in the filing.
What The Company Has Said Publicly
Two claims, both attributed directly to Zepto or its leadership, both specific and both ambitious:
Zepto Café - In November 2024, CEO Aadit Palicha told the press that Café was achieving an estimated Annual Run Rate GMV of ₹160 Cr from just 15% of the dark store network, and stated the company was "on track to achieve an ARR of ₹1,000 Cr by the next fiscal year." The rollout at the time covered over 120 cafés across Mumbai, Delhi, and Bengaluru, expanding to Hyderabad, Chennai, and Pune.
Zepto Relish - Trade coverage from mid-2024 reported that Relish, Zepto's private-label meat brand launched in late 2023 to compete with Licious, was clocking an estimated ₹150 Cr in annual recurring revenue, with a stated potential to become a ₹1,000 Cr standalone business by the time of Zepto's IPO.
Both claims are specific, both are public, and both were made with an IPO already on the horizon. That's the baseline against which the DRHP's actual disclosure should be read.
What The Filing Actually Contains : Café
We searched the full text of the UDRHP filed June 8, 2026. Zepto Café is mentioned in exactly three places :
A risk factor on perishable-goods handling, which notes that "Our ability to adequately store, maintain and deliver quality perishable products... for Zepto Café, among others, is critical to our supply chain," followed by inventory write-down figures that cover the entire perishable inventory pool, not Café specifically: ₹80.05 million (FY26), ₹613.63 million (FY25), and a credit of ₹79.23 million (FY24).
A CSR disclosure noting the integration of "individuals with physical disabilities across Zepto Cafes."
A pending litigation matter: a Food Safety Officer in Nagpur alleged in April 2026 that a dark hub manager was "conducting a cafe in the Establishment without informing the licensing authorities" of the change in food-business activity, a matter still pending as of the filing date.
That is the entirety of Café's presence in a 690-page document. No store count. No revenue figure. No GMV. No mention of whether the ₹1,000 Cr ARR target from November 2024 was hit, missed, or abandoned. The format is real enough to generate a legal filing and a CSR footnote, but not, on this evidence, real enough to warrant a single disclosed number.
What The Filing Actually Contains : Relish
Relish appears exactly once in the entire document, in the Intellectual Property section: "we have also entered into a joint ownership agreement with one of our Material Subsidiaries, KWPL, for undertaking our private label business under the 'Relish' brand." That's the complete disclosure. One sentence, about trademark ownership structure, with no revenue figure attached.
What makes this more notable is what sits a few hundred pages earlier, in the "Our Business" section, where Zepto names its private-label brands directly to prospective investors: Daily Good (cooking essentials and staples), Bay6 (general merchandise), and Jai Kashi (pooja essentials). The filing describes private label as "nascent" with "potential to scale up significantly." Relish, reportedly the largest and most established of Zepto's private-label bets by revenue, isn't in that list. It shows up only once, and only as a footnote to a trademark-sharing arrangement with a subsidiary.
The Pattern : What Gets Disclosed And What Doesn't
This isn't a story about Zepto hiding something illegal. Materiality in a DRHP is a judgment call the company and its lead managers make, and a business unit can be genuinely immaterial to the numbers that matter to an IPO even while it generates good press. But the asymmetry is worth naming plainly: two businesses that Zepto's own leadership has quantified for journalists, with specific rupee figures and specific growth targets, get zero equivalent quantification in the document where SEBI, exchanges, and prospective shareholders are the audience.
This pattern isn't unique to Zepto. New-age Indian IPOs have repeatedly drawn scrutiny for the gap between founder interviews and filing disclosures, particularly around newer business lines that make for a better growth story in a press release than a to-be-audited number in a prospectus. What Café and Relish do here is give that general pattern a concrete, checkable example: specific public numbers, on the record, that simply don't reappear in the underlying legal document.
The Desk View
We're not making a valuation call in this piece, but for context : Our desk price for Zepto is ₹26.50 as of this writing. Nothing in this disclosure gap changes that number directly, since Café and Relish were never large enough, on any account, to be the primary driver of Zepto's valuation. What it does change is how much weight an investor should put on any other unverified figure circulating about Zepto's business outside the DRHP itself. If the company's two most publicly quantified newer business lines don't show up with numbers in a document it has sworn is complete, the operating assumption for everything else not in that document should be caution, not benefit of the doubt.
FAQs
Does Zepto's DRHP disclose Café's revenue or store count? No. Café is mentioned three times in the 690-page filing: a risk factor on perishable goods, a CSR note, and a pending food-licensing litigation matter. None include a store count, GMV, or revenue figure.
What is Zepto Relish? Relish is Zepto's private-label meat brand, launched in late 2023 through a joint ownership arrangement with its subsidiary KWPL, reportedly competing directly with Licious. Trade media reported an estimated ₹150 Cr in annual recurring revenue as of mid-2024.
Is Zepto Relish disclosed in the DRHP? It appears exactly once, as a one-sentence note about trademark ownership. It is not listed among the private-label brands (Daily Good, Bay6, Jai Kashi) that the filing's Business section highlights to investors, and no revenue figure is disclosed.
Does this mean Zepto is misrepresenting its business? Not necessarily. Materiality thresholds in a DRHP are a legitimate judgment call, and immaterial business lines are routinely excluded. What can be said plainly is that specific, public revenue claims made by Zepto's own leadership are not reflected with equivalent numbers in the filing.
What is the Zepto Unlisted share price today? Our desk price is ₹26.50. Check current pricing with our desk.
What We Can And Cannot Stand Behind
Primary-sourced, confirmed directly from the SEBI-hosted UDRHP dated June 8, 2026 : all three Café mentions and the single Relish mention quoted above, including the exact figures and dates cited within them; the three named private-label brands (Daily Good, Bay6, Jai Kashi) in the Business section; the "nascent... potential to scale up significantly" characterization of private label as a whole.
Company-attributed, publicly reported, not from the DRHP: the ₹160 Cr Café ARR GMV figure and the ₹1,000 Cr Café target, both attributed directly to CEO Aadit Palicha in press statements dated November 2024. The ₹150 Cr Relish ARR figure and ₹1,000 Cr standalone-business potential, from trade media coverage dated mid-2024, citing further reporting we have not independently traced to a primary company disclosure.
Not verifiable from any source available to Us: whether Café's ARR target was met, exceeded, or missed by FY26; Relish's actual FY26 revenue; whether either business is now larger, smaller, or unchanged since these figures were first reported.
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Disclaimer
This note reflects Priveq Investech Private Limited's (Priveq.in) own research based on a full-text review of Zepto Limited's Updated Draft Red Herring Prospectus – I dated June 8, 2026, cross-referenced against publicly reported statements from Zepto's leadership and trade media. It is not investment advice and does not allege any wrongdoing, misstatement, or violation by Zepto Limited; disclosure materiality is a legitimate area of company and underwriter judgment, and the absence of a figure in a DRHP does not by itself indicate an intent to mislead. Priveq transacts as a counterparty in the unlisted shares discussed in this piece, including Zepto, and may hold or deal in these shares before, during, or after publication. Readers should independently verify all figures against Zepto's final Red Herring Prospectus and Prospectus before making any investment decision.