Zepto's Ad Revenue Doubles Faster Than Core Business, Shifting Unit Economics

Zepto's advertising revenue reached ₹1,636 crore in FY26, up 151% year-over-year, while core operating revenue grew 104%. The outsized ad growth signals a structural shift toward higher-margin retail-media revenue as the quick-commerce platform approaches its IPO filing in June 2026. This matters because ad revenue carries substantially better unit economics than thin-margin delivery operations, potentially improving consolidated EBITDA without requiring further logistics optimization.