Zepto’s roadshow offers clues to quick commerce’s next phase

Zepto's investor roadshow and updated DRHP reveal that new user additions fell to 9.6 million in FY26 from 27.81 million in FY25, a drop of nearly two-thirds, while implied customer acquisition cost rose sharply to ₹1,448 per new user from ₹427. Digital marketing cost per order fell to ₹1 in Q4 FY26 from ₹10.8 in Q1 FY24, but experts caution this is a per-transaction ratio rather than true CAC, and high fixed costs persist with loss per order still at ₹78.8 in FY26. Competitive data shows Blinkit's MAU rose to over 77 million by March 2026 from ~55 million in July 2025, outpacing Zepto's ~58 million, raising questions about Zepto's growth trajectory ahead of its listing.