Zepto’s IPO filing shows the challenge of cracking quick-commerce economics

Zepto’s UDRHP does not disclose average order value but instead uses net receivable value, or NRV, which it defines as the total monetary value of orders sold on its platform after net discounts plus advertising revenue including user fees, subscription revenue, and taxes. NRV in FY26, ₹24,815.54 crore and orders were 640.18 million which means approximately NRV per order ₹387.7. This figure has generally remained unchanged in the last three years.