New Delhi, June 11 -- Zepto's updated draft red herring prospectus shows a quick-commerce business still working through a basic question: how to make speed cheaper.

Its average delivery cost per order rose from Rs.42.05 in 2023-24 to Rs.45.80 in 2024-25, and then to Rs.45.74 in 2025-26.

The filing, according to experts, does not show a company that has solved the quick-commerce economics, but rather one that is still spending heavily to build reach, density and speed.

Zepto's disclosures show why: active delivery partners rose from 49,278.25 in FY24 to 118,919.25 in FY25 and 221,667.17 in FY26, while dark stores increased from 337 to 1,029 and then 1,139 over the same period. The company aggressively scaled its network, but this has n...