JioMart Express vs Zepto: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for JioMart Express. Zepto had ~$2.6B of annual revenue in FY2026 and a net loss of ~$685M.
Latest financial snapshot
JioMart Express
A revenue or profit figure is unavailable here for JioMart Express.
Zepto
- Latest annual revenue
- ~$2.6B (FY2026)
- Net income
- ~-$685M
- Net margin
- -26.1%
- Revenue growth
- +123.5% a year, FY2023–FY2026
Financial summary
JioMart Express
Reliance never reported standalone revenue for JioMart Express, so any revenue figure for the service would be a guess. Its parent, Reliance Retail, reported FY26 (year to March 2026) gross revenue of Rs 3,70,026 crore (about $39 billion), up 11.8%, and profit after tax of about Rs 13,840 crore. In Q1 FY27 (April-June 2026), gross revenue rose 7.4% to Rs 90,408 crore while profit fell 14.2% to Rs 2,806 crore, mainly because of quick-commerce spending at JioMart.
Zepto
Zepto's revenue from operations grew from ~$235 million (₹2,026 crore) in FY23 to ~$517 million (₹4,454 crore) in FY24, ~$1.29 billion (₹11,110 crore) in FY25 and ~$2.62 billion (₹22,624 crore) in FY26. The net loss was ~$545 million (₹4,700 crore) in FY25 and ~$685 million (₹5,905 crore) in FY26. In Q4 FY26, revenue rose 75% year on year to ~$870 million (₹7,498 crore). The quarter's net loss was ~$179 million (₹1,539 crore) and the adjusted EBITDA loss was ~$145 million (₹1,248 crore), a 29% improvement on Q4 FY25. On an adjusted EBITDA basis, the loss per order fell from ₹142.7 to ₹59.4. Major funding rounds include $665M at a $3.6B valuation (June 2024), $340M at $5B (August 2024) and $450M at $7B (October 2025).
Revenue and profit by year
JioMart Express
A revenue figure is unavailable here for JioMart Express. What is known about its finances is in the summary above.
Where the revenue comes from
JioMart Express
- Grocery and essentials sales
Not disclosed
Retail margin on groceries, fresh produce and household items.
- Delivery fees
Not disclosed
Fees charged on fast-delivery orders.
Zepto
- Sale of goods
Not formally reported
Margin on goods sold from dark stores, directly or through marketplace sellers. Revenue from operations was ~$2.62 billion (₹22,624 crore) in FY26.
- Customer fees and membership
Not formally reported
Delivery, handling and small-cart fees, plus a paid membership.
- Advertising
~$190 million (FY26)
Sold to consumer brands. Up from ~$5.68 million (₹49 crore) in FY24, according to its prospectus. ₹1,636 crore.
- Zepto Cafe
Not formally reported
Prepared food and beverages made inside the dark stores.
Business model and strategy
JioMart Express
How it makes money
JioMart Express sold groceries and daily essentials to consumers (B2C). Orders were picked from nearby Reliance retail stores rather than a central warehouse and delivered within a promised window of about 90 minutes. Revenue came from the retail margin on goods sold plus delivery fees. Reliance never disclosed separate revenue for the service.
Growth strategy
Reliance did not grow JioMart Express beyond its pilot. It closed the app in February 2023 and later built quick commerce into the main JioMart app instead. That rebuilt network reached 1.6 million average daily orders by January 2026, and average daily orders grew 116% year on year in the June 2026 quarter.
Competitive advantage
Reliance's advantage was its existing store network. Instead of leasing new dark stores, JioMart Express could pick orders from stores that already had stock and staff. That advantage did not save the 2022 app, but it is the base of JioMart's current quick-commerce push, which links more than 2,500 digital, fashion and lifestyle stores to a two-hour delivery network.
Zepto
How it makes money
Zepto earns money in three main ways. It earns a margin on goods sold from its dark stores, either directly or through sellers on its marketplace. It charges customers delivery, handling and small-cart fees, and offers a paid membership. It also sells advertising to consumer brands, which grew from ~$5.68 million (₹49 crore) in FY24 to ~$190 million (₹1,636 crore) in FY26 according to its prospectus.
Growth strategy
According to the draft prospectus, IPO proceeds are earmarked for new dark stores (~$189 million (₹1,629 crore)), lease rentals for existing stores (~$201 million (₹1,735 crore)), technology and cloud infrastructure (~$154 million (₹1,325 crore)) and marketing. The company is also expanding its advertising business, Zepto Cafe and its product range.
Competitive advantage
Zepto has a dense dark-store network, with 1,139 stores at 31 March 2026 and plans for 1,904 more funded partly by the IPO. It has a fast-growing advertising business. It also runs Zepto Cafe, which raises order value by adding food and drinks to grocery baskets. Unlike its main rivals, it is a standalone quick-commerce company, so all of its capital and management attention goes to this one business.
Questions about JioMart Express vs Zepto
Which company has higher revenue — JioMart Express or Zepto (Zepto Limited)?
Zepto (Zepto Limited) had ~$2.6B (FY2026). A comparable annual revenue figure for JioMart Express was unavailable here.
How do JioMart Express and Zepto (Zepto Limited) make money?
JioMart Express and Zepto (Zepto Limited) generate revenue in fundamentally different ways. JioMart Express: JioMart Express sold groceries and daily essentials to consumers (B2C). Zepto (Zepto Limited): Zepto earns money in three main ways.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the JioMart Express vs Zepto overview