{"id":53824,"date":"2026-10-29T12:26:40","date_gmt":"2026-10-29T06:56:40","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53824"},"modified":"2026-10-29T12:26:40","modified_gmt":"2026-10-29T06:56:40","slug":"top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/","title":{"rendered":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &#038; KENT RO &#8211; Everything Investors Need to Know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53824\" class=\"elementor elementor-53824\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2119f8d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2119f8d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8171eda\" data-id=\"8171eda\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0aabbda elementor-widget elementor-widget-text-editor\" data-id=\"0aabbda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">India has become one of the busiest IPO markets in the world. Every week, a new name shows up in the IPO calendar. But a handful of brands stand out because millions of Indians already use them every day.<\/p><p dir=\"ltr\">You probably paid someone through <strong>PhonePe<\/strong> this morning. You may have ordered milk on <strong>Zepto<\/strong>, plugged in <strong>boAt<\/strong> earphones on your commute, booked an <strong>OYO<\/strong> room on a trip, or drunk water from a <strong>KENT<\/strong> purifier at home.<\/p><p dir=\"ltr\">When companies like these file for a public listing, retail investors pay attention.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-715eca0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"715eca0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d49436\" data-id=\"9d49436\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ecfa1d elementor-widget elementor-widget-text-editor\" data-id=\"2ecfa1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>In this guide, you will learn:<\/strong><\/p>\n<ol dir=\"ltr\">\n<li>What an IPO is and how the IPO process works in India<\/li>\n<li>A deep dive on each company: business model, competition, SWOT, risks and IPO details<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52b0fcd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52b0fcd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-90912a1\" data-id=\"90912a1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb5d26f elementor-widget elementor-widget-text-editor\" data-id=\"fb5d26f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 dir=\"ltr\" aria-level=\"5\">What is an IPO?<\/h3><p dir=\"ltr\">An <strong>Initial Public Offering (IPO)<\/strong> is the first time a private company offers its shares to the public and lists them on a stock exchange such as the <strong>NSE<\/strong> or <strong>BSE<\/strong>.<\/p><p dir=\"ltr\">Before an IPO, shares are held by founders, employees and private investors. After listing, anyone with a demat account can buy or sell them.<\/p><p dir=\"ltr\"><strong>Example:<\/strong> When the National Stock Exchange (NSE) itself went public in September 2026, it sold existing shares at \u20b91,785 each. After listing on 24 September 2026, those shares started trading freely on the exchange.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Why Do Companies Launch IPOs?<\/h4><ul dir=\"ltr\"><li><strong>Raise growth capital<\/strong> \u2013 to fund expansion, technology or new stores (via a <em>fresh issue<\/em>)<\/li><li><strong>Repay debt<\/strong> \u2013 OYO\u2019s parent plans to use most of its fresh issue for this<\/li><li><strong>Give existing investors an exit<\/strong> \u2013 via an <em>Offer for Sale (OFS)<\/em>, as in the PhonePe and KENT RO filings<\/li><li><strong>Build brand credibility<\/strong> \u2013 listed companies face stricter disclosure, which can build trust<\/li><li><strong>Create liquidity for employees<\/strong> \u2013 ESOP holders can sell shares after listing<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\">Benefits of IPO Investing<\/h4><ul dir=\"ltr\"><li>Chance to invest early in a company\u2019s public-market journey<\/li><li>Transparent, regulated price discovery through the book-building process<\/li><li>Detailed disclosure in the DRHP\/RHP, which is rarely available for private firms<\/li><li>A reserved quota (up to 35%, or 10% for some issues) for retail investors<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\">Risks of IPO Investing<\/h4><ul dir=\"ltr\"><li>Limited public track record to judge the company<\/li><li>Pricing may already reflect optimistic expectations<\/li><li>Listing-day prices can swing sharply in either direction<\/li><li>Lottery-based allotment means you may get nothing even after applying<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\">\u00a0<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3424b01 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3424b01\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-516a626\" data-id=\"516a626\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e882af0 elementor-widget elementor-widget-text-editor\" data-id=\"e882af0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Key IPO Terminology<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e52560d elementor-widget elementor-widget-text-editor\" data-id=\"e52560d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .ipo-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .ipo-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .ipo-table thead tr {\n        background: #6495ED;\n    }\n\n    .ipo-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .ipo-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .ipo-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .ipo-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .ipo-table .term-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .ipo-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .ipo-table, \n        .ipo-table tbody, \n        .ipo-table tr, \n        .ipo-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide the top header row on mobile *\/\n        .ipo-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct card *\/\n        .ipo-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .ipo-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Term title at the top of each card *\/\n        .ipo-table td.term-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Meaning description below the term *\/\n        .ipo-table td.desc-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"ipo-table-wrapper\">\n    <table class=\"ipo-table\">\n        <thead>\n            <tr>\n                <th>Term<\/th>\n                <th>Meaning<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"term-cell\">DRHP<\/td>\n                <td class=\"desc-cell\">Draft Red Herring Prospectus \u2013 the first offer document filed with SEBI.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">UDRHP<\/td>\n                <td class=\"desc-cell\">Updated DRHP \u2013 filed after SEBI&#8217;s observations when a company uses the confidential pre-filing route; opened for 21 days of public comments.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">RHP<\/td>\n                <td class=\"desc-cell\">Red Herring Prospectus \u2013 filed just before the IPO opens, containing the final price band.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">Fresh Issue<\/td>\n                <td class=\"desc-cell\">New shares are issued by the company. The funds raised go directly to the company.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">OFS<\/td>\n                <td class=\"desc-cell\">Offer for Sale \u2013 existing shareholders sell their shares. The proceeds go to the selling shareholders, not the company.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">Price Band<\/td>\n                <td class=\"desc-cell\">The price range within which investors can submit IPO bids.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">Lot Size<\/td>\n                <td class=\"desc-cell\">The minimum number of shares an investor must apply for in one bid.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">Anchor Investors<\/td>\n                <td class=\"desc-cell\">Large institutional investors who receive share allotments one day before the IPO opens.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">QIB \/ NII \/ RII<\/td>\n                <td class=\"desc-cell\">Qualified Institutional Buyers \/ Non-Institutional Investors \/ Retail Individual Investors.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">GMP<\/td>\n                <td class=\"desc-cell\">Grey Market Premium \u2013 an unofficial and unregulated indicator of market sentiment. It should not be considered a reliable investment guide.<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"term-cell\">Lock-in<\/td>\n                <td class=\"desc-cell\">The period during which certain shareholders are restricted from selling their shares after the IPO.<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b150150 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b150150\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a702141\" data-id=\"a702141\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f367dcc elementor-widget elementor-widget-text-editor\" data-id=\"f367dcc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>1. PhonePe IPO: India\u2019s Largest UPI App Prepares to List<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-84bec90 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"84bec90\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-74d9ac4\" data-id=\"74d9ac4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fc3bc2 elementor-widget elementor-widget-image\" data-id=\"1fc3bc2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/PhonePe-Purple-QR-Payment-Banner.jpg\" class=\"attachment-large size-large wp-image-53825\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2655775 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2655775\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-710f2bf\" data-id=\"710f2bf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b93753 elementor-widget elementor-widget-text-editor\" data-id=\"2b93753\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>Company Overview<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fa31a1 elementor-widget elementor-widget-text-editor\" data-id=\"6fa31a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .company-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .company-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .company-table thead tr {\n        background: #6495ED;\n    }\n\n    .company-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .company-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .company-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .company-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .company-table .detail-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .company-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .company-table, \n        .company-table tbody, \n        .company-table tr, \n        .company-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide the top header row on mobile *\/\n        .company-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct card *\/\n        .company-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .company-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Detail label at the top of each card *\/\n        .company-table td.detail-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Information description below the detail label *\/\n        .company-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"company-table-wrapper\">\n    <table class=\"company-table\">\n        <thead>\n            <tr>\n                <th>Detail<\/th>\n                <th>Information<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"detail-cell\">Legal name<\/td>\n                <td class=\"info-cell\">PhonePe Limited (originally FX Mart Private Limited, incorporated 18 Dec 2012)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Founders<\/td>\n                <td class=\"info-cell\">Sameer Nigam (CEO), Rahul Chari (CTO), Burzin Engineer<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Headquarters<\/td>\n                <td class=\"info-cell\">Bengaluru, Karnataka<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Industry<\/td>\n                <td class=\"info-cell\">Fintech \u2013 digital payments and financial services distribution<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Promoter<\/td>\n                <td class=\"info-cell\">WM Digital Commerce Holdings Pte. Ltd. (a Walmart entity)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Latest filing<\/td>\n                <td class=\"info-cell\">UDRHP-I, 23 January 2026<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0edfd85 elementor-widget elementor-widget-text-editor\" data-id=\"0edfd85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Founder story:<\/strong> Sameer Nigam and Rahul Chari, both former Flipkart executives, started PhonePe in December 2015 along with Burzin Engineer. Flipkart acquired it in 2016, the year the app launched alongside UPI. Walmart became the ultimate parent when it bought Flipkart in 2018. PhonePe was separated from Flipkart in 2022 and is now independently run, with Walmart\u2019s entity as promoter.<\/p><p dir=\"ltr\"><strong>Vision:<\/strong> To give every Indian equal access to the flow of money and financial services.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Business Model<\/h4><p dir=\"ltr\">PhonePe\u2019s model is simple to describe: <strong>attract users with free payments, then monetise through merchants and financial products.<\/strong><\/p><p dir=\"ltr\"><strong>Revenue sources:<\/strong><\/p><ul dir=\"ltr\"><li><strong>Merchant payments<\/strong> \u2013 payment gateway fees, online merchant services and offline merchant solutions<\/li><li><strong>SmartSpeaker devices<\/strong> \u2013 audio payment-confirmation devices rented to shopkeepers<\/li><li><strong>Consumer payments<\/strong> \u2013 recharges and bill payments (commissions from billers)<\/li><li><strong>Financial services distribution<\/strong> \u2013 insurance broking, lending distribution, mutual funds and stockbroking (Share.Market)<\/li><li><strong>Platform\/advertising<\/strong> \u2013 brand campaigns on the app<\/li><\/ul><p dir=\"ltr\"><strong>Customer segments:<\/strong> Retail consumers, small merchants, online businesses, banks, NBFCs and insurers.<\/p><p dir=\"ltr\">\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cbfe7e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cbfe7e0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d209314\" data-id=\"d209314\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cb8b74f elementor-widget elementor-widget-text-editor\" data-id=\"cb8b74f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Industry Analysis:<\/strong><\/h4><ul dir=\"ltr\"><li><strong>UPI is India\u2019s payment backbone.<\/strong> CEO Sameer Nigam has said UPI processes roughly 70\u201380 crore transactions a day.<\/li><li><strong>Monetisation is the challenge.<\/strong> UPI payments have been largely zero-MDR (no merchant fee) since 2020.<\/li><li><strong>Policy shift (reported):<\/strong> A UPI MDR framework announced on 15 September 2026 introduces a 0.4% MDR on merchant UPI payments above \u20b92,000, effective 15 October 2026. Small merchants (up to \u20b91 lakh\/month) and P2P payments up to \u20b92,000 remain free. Nigam has said about 96% of UPI transactions would stay free.<\/li><li><strong>Opportunity:<\/strong> Credit, insurance and wealth penetration in India remains low, giving payment apps a large cross-selling opportunity.<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Products and Services:<\/strong><\/h4><ul dir=\"ltr\"><li><strong>PhonePe app:<\/strong> UPI payments, recharges, bill payments, wallet<\/li><li><strong>PhonePe Payment Gateway:<\/strong> for online businesses<\/li><li><strong>SmartSpeakers and POS devices:<\/strong> for offline merchants<\/li><li><strong>PhonePe Insurance Broking:<\/strong> motor, health, life and travel cover<\/li><li><strong>Lending distribution:<\/strong> personal loans, secured loans via partner lenders<\/li><li><strong>Share.Market:<\/strong> stockbroking and mutual funds<\/li><li><strong>Indus Appstore:<\/strong> an Android app marketplace (still pre-revenue as per FY26 accounts)<\/li><li><strong>Pincode:<\/strong> hyperlocal commerce app \u2013 exited after September 2025<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9a4924 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9a4924\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-03e0022\" data-id=\"03e0022\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a754251 elementor-widget elementor-widget-text-editor\" data-id=\"a754251\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Key operating metrics (as of 30 September 2025, per DRHP disclosures):<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67f395b elementor-widget elementor-widget-text-editor\" data-id=\"67f395b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .kpi-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .kpi-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .kpi-table thead tr {\n        background: #6495ED;\n    }\n\n    .kpi-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .kpi-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .kpi-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .kpi-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .kpi-table .kpi-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 35%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .kpi-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .kpi-table, \n        .kpi-table tbody, \n        .kpi-table tr, \n        .kpi-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide the top header row on mobile *\/\n        .kpi-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct card *\/\n        .kpi-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .kpi-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* KPI label at the top of each card *\/\n        .kpi-table td.kpi-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value below the KPI label *\/\n        .kpi-table td.val-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 15px;\n        }\n    }\n<\/style>\n\n<div class=\"kpi-table-wrapper\">\n    <table class=\"kpi-table\">\n        <thead>\n            <tr>\n                <th>KPI<\/th>\n                <th>Value<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"kpi-cell\">Registered users<\/td>\n                <td class=\"val-cell\">65.76 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"kpi-cell\">Merchants<\/td>\n                <td class=\"val-cell\">4.72 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"kpi-cell\">UPI volume market share<\/td>\n                <td class=\"val-cell\">46.85%<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"kpi-cell\">Pin-code coverage<\/td>\n                <td class=\"val-cell\">98.61%<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"kpi-cell\">Months as No. 1 UPI app<\/td>\n                <td class=\"val-cell\">58 consecutive<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6570bb elementor-widget elementor-widget-text-editor\" data-id=\"c6570bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Competitive Landscape<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c2c26f elementor-widget elementor-widget-text-editor\" data-id=\"6c2c26f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .comp-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .comp-table {\n        width: 100%;\n        min-width: 700px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .comp-table thead tr {\n        background: #6495ED;\n    }\n\n    .comp-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .comp-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .comp-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .comp-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .comp-table .comp-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 28%;\n    }\n\n    .comp-table .strength-cell,\n    .comp-table .weakness-cell {\n        width: 36%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .comp-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .comp-table, \n        .comp-table tbody, \n        .comp-table tr, \n        .comp-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide the top header row on mobile *\/\n        .comp-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into an independent card *\/\n        .comp-table tbody tr {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .comp-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Competitor Name as Card Header *\/\n        .comp-table td.comp-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Strengths Section *\/\n        .comp-table td.strength-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .comp-table td.strength-cell::before {\n            content: \"Strengths:\";\n            display: block;\n            font-weight: bold;\n            color: #1e293b;\n            margin-bottom: 4px;\n        }\n\n        \/* Weaknesses Section *\/\n        .comp-table td.weakness-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n\n        .comp-table td.weakness-cell::before {\n            content: \"Weaknesses:\";\n            display: block;\n            font-weight: bold;\n            color: #1e293b;\n            margin-bottom: 4px;\n        }\n    }\n<\/style>\n\n<div class=\"comp-table-wrapper\">\n    <table class=\"comp-table\">\n        <thead>\n            <tr>\n                <th>Competitor<\/th>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"comp-cell\">Google Pay<\/td>\n                <td class=\"strength-cell\">Global brand, Android integration, strong UPI share<\/td>\n                <td class=\"weakness-cell\">Narrower financial-services stack in India<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Paytm (One 97 Communications)<\/td>\n                <td class=\"strength-cell\">Listed, large merchant base, strong device business<\/td>\n                <td class=\"weakness-cell\">Regulatory setback after RBI action on Paytm Payments Bank in 2024<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Bank &#038; other UPI apps (BHIM, Amazon Pay, CRED, etc.)<\/td>\n                <td class=\"strength-cell\">Bank trust, niche loyal users<\/td>\n                <td class=\"weakness-cell\">Much smaller UPI share<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19f9b09 elementor-widget elementor-widget-text-editor\" data-id=\"19f9b09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>SWOT Analysis<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-568af4d elementor-widget elementor-widget-text-editor\" data-id=\"568af4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop SWOT Table Styling *\/\n    .swot-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .swot-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.6;\n    }\n\n    .swot-table thead tr {\n        background: #6495ED;\n    }\n\n    .swot-table th {\n        width: 50%;\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n        font-size: 16px;\n    }\n\n    .swot-table td {\n        width: 50%;\n        vertical-align: top;\n        padding: 16px 20px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .swot-table td.swot-col-left {\n        background: #ffffff;\n    }\n\n    .swot-table td.swot-col-right {\n        background: #fafafa;\n    }\n\n    .swot-table ul {\n        margin: 0;\n        padding-left: 20px;\n        color: #000000;\n    }\n\n    .swot-table li {\n        margin-bottom: 8px;\n        color: #000000 !important;\n    }\n\n    .swot-table li:last-child {\n        margin-bottom: 0;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .swot-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .swot-table, \n        .swot-table tbody, \n        .swot-table tr, \n        .swot-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide desktop table headers on mobile *\/\n        .swot-table thead {\n            display: none !important;\n        }\n\n        \/* Each section becomes a clean independent card *\/\n        .swot-table td {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n            padding: 14px 16px !important;\n        }\n\n        \/* Card Header Labels *\/\n        .swot-table td.strength-col::before {\n            content: \"Strengths\";\n            display: block;\n            background: #f1f5f9;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000;\n            margin: -14px -16px 12px -16px;\n            padding: 12px 16px;\n            border-bottom: 1px solid #e5e7eb;\n        }\n\n        .swot-table td.weakness-col::before {\n            content: \"Weaknesses\";\n            display: block;\n            background: #f1f5f9;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000;\n            margin: -14px -16px 12px -16px;\n            padding: 12px 16px;\n            border-bottom: 1px solid #e5e7eb;\n        }\n\n        .swot-table td.opp-col::before {\n            content: \"Opportunities\";\n            display: block;\n            background: #f1f5f9;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000;\n            margin: -14px -16px 12px -16px;\n            padding: 12px 16px;\n            border-bottom: 1px solid #e5e7eb;\n        }\n\n        .swot-table td.threat-col::before {\n            content: \"Threats\";\n            display: block;\n            background: #f1f5f9;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000;\n            margin: -14px -16px 12px -16px;\n            padding: 12px 16px;\n            border-bottom: 1px solid #e5e7eb;\n        }\n    }\n<\/style>\n\n<!-- Strengths & Weaknesses Table -->\n<div class=\"swot-table-wrapper\">\n    <table class=\"swot-table\">\n        <thead>\n            <tr>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"strength-col swot-col-left\">\n                    <ul>\n                        <li>Largest UPI app by volume (46.85%)<\/li>\n                        <li>65+ crore registered users, 4.7+ crore merchants<\/li>\n                        <li>Positive adjusted EBITDA (FY25)<\/li>\n                        <li>Strong parent (Walmart)<\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"weakness-col swot-col-right\">\n                    <ul>\n                        <li>Consistent net losses<\/li>\n                        <li>Heavy ESOP costs<\/li>\n                        <li>Discontinued revenue lines (rent, RMG, Pincode)<\/li>\n                        <li>Indus Appstore still pre-revenue<\/li>\n                    <\/ul>\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\n\n<!-- Opportunities & Threats Table -->\n<div class=\"swot-table-wrapper\">\n    <table class=\"swot-table\">\n        <thead>\n            <tr>\n                <th>Opportunities<\/th>\n                <th>Threats<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"opp-col swot-col-left\">\n                    <ul>\n                        <li>UPI MDR on large merchant payments<\/li>\n                        <li>Lending, insurance and wealth cross-sell<\/li>\n                        <li>Merchant devices and payment gateway<\/li>\n                    <\/ul>\n                <\/td>\n                <td class=\"threat-col swot-col-right\">\n                    <ul>\n                        <li>NPCI 30% UPI market-share cap (deadline 31 Dec 2026)<\/li>\n                        <li>Big Tech competition<\/li>\n                        <li>Regulatory changes by RBI\/NPCI<\/li>\n                    <\/ul>\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da4f540 elementor-widget elementor-widget-text-editor\" data-id=\"da4f540\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Why Investors Are Interested:<\/strong><\/h4><ul dir=\"ltr\"><li>Household brand with near-universal reach in India<\/li><li>Potential operating leverage if MDR and financial services scale<\/li><li>First big listing of a pure-play UPI leader<\/li><li>Diversification beyond payments (broking, insurance, lending)<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Key Risks:<\/strong><\/h4><ul dir=\"ltr\"><li><strong>UPI market-share cap:<\/strong> NPCI\u2019s framework proposes no single app should exceed 30% of UPI volume; PhonePe was at 46.85%. The compliance deadline has been extended to 31 December 2026, with no assurance of further extensions. A breaching app could be barred from onboarding new UPI users.<\/li><li><strong>Profitability:<\/strong> Net loss widened to \u20b92,792 crore in FY26.<\/li><li><strong>100% OFS:<\/strong> The company receives no IPO money; all proceeds go to selling shareholders.<\/li><li><strong>Regulatory dependency:<\/strong> RBI and NPCI rules can directly change revenue streams (as seen with rent payments).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-afe55ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"afe55ee\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a50af48\" data-id=\"a50af48\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3271c5 elementor-widget elementor-widget-text-editor\" data-id=\"a3271c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>IPO Details<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-add5e78 elementor-widget elementor-widget-text-editor\" data-id=\"add5e78\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .details-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .details-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .details-table thead tr {\n        background: #6495ED;\n    }\n\n    .details-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .details-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .details-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .details-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .details-table .item-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 30%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .details-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .details-table, \n        .details-table tbody, \n        .details-table tr, \n        .details-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .details-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each row into a distinct card *\/\n        .details-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .details-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Item header inside mobile card *\/\n        .details-table td.item-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value\/details section below header *\/\n        .details-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"details-table-wrapper\">\n    <table class=\"details-table\">\n        <thead>\n            <tr>\n                <th>Item<\/th>\n                <th>Details<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"item-cell\">Issue type<\/td>\n                <td class=\"info-cell\">100% Offer for Sale, book-built<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">OFS size<\/td>\n                <td class=\"info-cell\">Up to 5,06,60,446 equity shares<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Face value<\/td>\n                <td class=\"info-cell\">\u20b91 per share<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Fresh issue<\/td>\n                <td class=\"info-cell\">None<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Selling shareholders<\/td>\n                <td class=\"info-cell\">WM Digital Commerce Holdings (up to 4,59,42,496); Microsoft Global Finance (up to 36,78,790); Tiger Global PIP 9-1 (up to 10,39,160)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Allocation<\/td>\n                <td class=\"info-cell\">QIB \u226575%, NII \u226415%, Retail \u226410% (Regulation 6(2))<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Exchanges<\/td>\n                <td class=\"info-cell\">NSE and BSE<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">BRLMs<\/td>\n                <td class=\"info-cell\">Kotak Mahindra Capital, J.P. Morgan India, Citigroup, Morgan Stanley, Axis Capital, Goldman Sachs, Jefferies, JM Financial<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Registrar<\/td>\n                <td class=\"info-cell\">KFin Technologies<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Price band \/ dates<\/td>\n                <td class=\"info-cell\">Not announced<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Promoter holding (pre-issue)<\/td>\n                <td class=\"info-cell\">~73% (per company\/Walmart disclosures)<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-961f2d8 elementor-widget elementor-widget-text-editor\" data-id=\"961f2d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Interesting Facts About PhonePe<\/strong><\/h4><ol dir=\"ltr\"><li>It was originally incorporated in 2012 as <strong>FX Mart Private Limited<\/strong> in Chandigarh.<\/li><li>It has been India\u2019s No. 1 UPI app for 58 consecutive months (as of Sep 2025).<\/li><li>It covers 98.61% of India\u2019s pin codes.<\/li><li>Its 30-day user retention is 99.23%.<\/li><li>It launched its own Android app store, <strong>Indus Appstore<\/strong>, in 2024.<\/li><li>Founders sold shares worth about \u20b93,937 crore to General Atlantic in 2025 to meet ESOP tax obligations.<\/li><li>Walmart\u2019s stake fell from about 84% to about 73% between January 2025 and January 2026, largely due to employee option exercises.<\/li><li>Microsoft is one of the selling shareholders.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c313fe3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c313fe3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-686aafb\" data-id=\"686aafb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-516202c elementor-widget elementor-widget-text-editor\" data-id=\"516202c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 dir=\"ltr\" aria-level=\"5\">2. Zepto IPO: The 10-Minute Delivery Startup Heads to the Market<\/h3><p dir=\"ltr\">\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c1b730 elementor-widget elementor-widget-image\" data-id=\"4c1b730\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Zepto-Rider-Delivery-Banner.jpg\" class=\"attachment-large size-large wp-image-53830\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8a58bb6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8a58bb6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f8c6ff2\" data-id=\"f8c6ff2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f153b4f elementor-widget elementor-widget-text-editor\" data-id=\"f153b4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Company Overview<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b70ed8 elementor-widget elementor-widget-text-editor\" data-id=\"9b70ed8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .zepto-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .zepto-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .zepto-table thead tr {\n        background: #6495ED;\n    }\n\n    .zepto-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .zepto-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n    }\n\n    .zepto-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .zepto-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .zepto-table .detail-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .zepto-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .zepto-table, \n        .zepto-table tbody, \n        .zepto-table tr, \n        .zepto-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide the top header row on mobile *\/\n        .zepto-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct card *\/\n        .zepto-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .zepto-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Detail label at the top of each card *\/\n        .zepto-table td.detail-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Information description below the detail label *\/\n        .zepto-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"zepto-table-wrapper\">\n    <table class=\"zepto-table\">\n        <thead>\n            <tr>\n                <th>Detail<\/th>\n                <th>Information<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"detail-cell\">Legal name<\/td>\n                <td class=\"info-cell\">Zepto Limited<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Founders<\/td>\n                <td class=\"info-cell\">Aadit Palicha (CEO), Kaivalya Vohra<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Registered office<\/td>\n                <td class=\"info-cell\">Andheri East, Mumbai<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Corporate office<\/td>\n                <td class=\"info-cell\">Bengaluru<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Industry<\/td>\n                <td class=\"info-cell\">Quick commerce (10-minute grocery and essentials delivery)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Operations began<\/td>\n                <td class=\"info-cell\">July 2021<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Latest filing<\/td>\n                <td class=\"info-cell\">UDRHP-I dated 8 June 2026 (published 9 June 2026)<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa6859c elementor-widget elementor-widget-text-editor\" data-id=\"aa6859c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Founder story:<\/strong> Aadit Palicha and Kaivalya Vohra were childhood friends who dropped out of Stanford University in 2020. During the COVID-19 lockdown they first built a grocery delivery service called KiranaKart. In July 2021 they relaunched as <strong>Zepto<\/strong>, promising groceries in about 10 minutes through a network of small, delivery-only \u201cdark stores\u201d.<\/p><p dir=\"ltr\"><strong>Vision:<\/strong> To make everyday essentials available to urban Indian households within minutes.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Business Model<\/h4><p dir=\"ltr\">Zepto runs an <strong>inventory-led, dark-store-based quick commerce<\/strong> model.<\/p><p dir=\"ltr\"><strong>How it works:<\/strong><\/p><ol dir=\"ltr\"><li>Customers order via the Zepto app.<\/li><li>The nearest dark store (a closed warehouse, usually within 2\u20133 km) picks and packs the order in under two minutes.<\/li><li>A delivery partner completes the last mile.<\/li><\/ol><p dir=\"ltr\"><strong>Revenue sources:<\/strong><\/p><ul dir=\"ltr\"><li><strong>Sale of goods<\/strong> \u2013 margins on groceries, FMCG, personal care, electronics and more<\/li><li><strong>Advertising<\/strong> \u2013 brands pay for visibility on the app (\u20b91,635.7 crore in FY26)<\/li><li><strong>Delivery, handling and platform fees<\/strong> from customers<\/li><li><strong>Zepto Caf\u00e9<\/strong> \u2013 freshly prepared beverages and snacks<\/li><li><strong>Subscription<\/strong> \u2013 membership programmes offering free delivery<\/li><\/ul><p dir=\"ltr\"><strong>Customer segments:<\/strong> Urban households, young professionals, students and time-poor families.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-12d4cd3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12d4cd3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3ca80e9\" data-id=\"3ca80e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11d763c elementor-widget elementor-widget-text-editor\" data-id=\"11d763c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Industry Analysis<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Fastest-growing retail channel:<\/strong> Quick commerce has moved from groceries to electronics, beauty, pharmacy and gifting.<\/li><li><strong>Intensely competitive:<\/strong> Three players \u2013 Blinkit (Eternal), Instamart (Swiggy) and Zepto \u2013 dominate, with Flipkart Minutes, Amazon Now and BigBasket also expanding.<\/li><li><strong>Capital-intensive:<\/strong> Dark stores, technology and discounts require heavy investment before profitability.<\/li><li><strong>Outlook:<\/strong> Growth is expected to continue as quick commerce expands to smaller cities, but the path to profitability remains the key question for public investors.<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Products and Services<\/strong><\/h4><ul dir=\"ltr\"><li>Fresh fruits, vegetables, dairy and bakery<\/li><li>Packaged foods, beverages and staples<\/li><li>Personal care, beauty and baby care<\/li><li>Home, kitchen and cleaning supplies<\/li><li>Electronics, toys and gifts<\/li><li><strong>Zepto Caf\u00e9:<\/strong> coffee, tea and snacks made in-store<\/li><li>Pharmacy and wellness items (where permitted)<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c3bd9ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c3bd9ad\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c9d844\" data-id=\"1c9d844\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b55dba1 elementor-widget elementor-widget-text-editor\" data-id=\"b55dba1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Competitive Landscape<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcf764c elementor-widget elementor-widget-text-editor\" data-id=\"dcf764c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .comp-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .comp-table {\n        width: 100%;\n        min-width: 700px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .comp-table thead tr {\n        background: #6495ED;\n    }\n\n    .comp-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .comp-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .comp-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .comp-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .comp-table .comp-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 26%;\n    }\n\n    .comp-table .strength-cell {\n        width: 37%;\n    }\n\n    .comp-table .weakness-cell {\n        width: 37%;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .comp-table .mobile-label {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .comp-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .comp-table, \n        .comp-table tbody, \n        .comp-table tr, \n        .comp-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .comp-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each competitor row into a standalone card *\/\n        .comp-table tbody tr {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .comp-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Competitor title at the top of the mobile card *\/\n        .comp-table td.comp-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        .comp-table td.strength-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .comp-table td.weakness-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Display field headers inside mobile cards *\/\n        .comp-table .mobile-label {\n            display: block !important;\n            font-size: 12px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            color: #4b5563;\n            margin-bottom: 4px;\n        }\n    }\n<\/style>\n\n<div class=\"comp-table-wrapper\">\n    <table class=\"comp-table\">\n        <thead>\n            <tr>\n                <th>Competitor<\/th>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"comp-cell\">Blinkit (Eternal Ltd)<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Market leader; backed by a listed, profitable parent\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Investment phase pressures parent\u2019s margins\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Swiggy Instamart<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Listed parent; cross-sell with food delivery\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Has struggled to match Blinkit\u2019s scale\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">BigBasket (Tata)<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Tata group backing; strong grocery sourcing\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Late shift to 10-minute model\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Flipkart Minutes \/ Amazon Now<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Deep pockets, huge user bases\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Newer entrants in quick commerce\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9df7e06 elementor-widget elementor-widget-text-editor\" data-id=\"9df7e06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>SWOT Analysis<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-885a3b4 elementor-widget elementor-widget-text-editor\" data-id=\"885a3b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .zepto-swot-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .zepto-swot-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .zepto-swot-table thead tr,\n    .zepto-swot-table tr.section-header-row {\n        background: #6495ED;\n    }\n\n    .zepto-swot-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n        width: 50%;\n    }\n\n    .zepto-swot-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .zepto-swot-table tbody tr.data-row:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .zepto-swot-table tbody tr.data-row:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .zepto-swot-table .mobile-label,\n    .zepto-swot-table .mobile-section-title {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .zepto-swot-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .zepto-swot-table, \n        .zepto-swot-table tbody, \n        .zepto-swot-table tr, \n        .zepto-swot-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Section banner header on mobile *\/\n        .zepto-swot-table thead,\n        .zepto-swot-table tr.section-header-row {\n            display: block !important;\n            margin-top: 15px;\n            margin-bottom: 12px;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #6495ED !important;\n        }\n\n        .zepto-swot-table thead th,\n        .zepto-swot-table tr.section-header-row th {\n            display: block !important;\n            width: 100% !important;\n            text-align: center !important;\n            padding: 10px 14px !important;\n            border: none !important;\n        }\n\n        .zepto-swot-table .desktop-header {\n            display: none !important;\n        }\n\n        .zepto-swot-table .mobile-section-title {\n            display: block !important;\n            font-size: 15px;\n            font-weight: bold;\n            color: #ffffff !important;\n            letter-spacing: 0.5px;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .zepto-swot-table tbody tr.data-row {\n            margin-bottom: 12px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .zepto-swot-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        .zepto-swot-table td.strength-cell,\n        .zepto-swot-table td.opp-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .zepto-swot-table td.weakness-cell,\n        .zepto-swot-table td.threat-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .zepto-swot-table .mobile-label {\n            display: block !important;\n            font-size: 11px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            margin-bottom: 4px;\n        }\n\n        .zepto-swot-table .strength-lbl {\n            color: #166534; \/* Green *\/\n        }\n\n        .zepto-swot-table .weakness-lbl {\n            color: #991b1b; \/* Red *\/\n        }\n\n        .zepto-swot-table .opp-lbl {\n            color: #1e40af; \/* Blue *\/\n        }\n\n        .zepto-swot-table .threat-lbl {\n            color: #c2410c; \/* Orange *\/\n        }\n    }\n<\/style>\n\n<div class=\"zepto-swot-wrapper\">\n    <table class=\"zepto-swot-table\">\n        <thead>\n            <tr>\n                <th>\n                    <span class=\"desktop-header\">Strengths<\/span>\n                    <span class=\"mobile-section-title\">Strengths &amp; Weaknesses<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Very fast revenue growth (\u20b922,624 crore in FY26)\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Large and continuing losses\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    1,139 dark stores, ~4.8 crore annual users\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    All stores are leased\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Fast-growing ad revenue\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Negative operating cash flows in all three years\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Debt-free balance sheet\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    High dependence on discounts\n                <\/td>\n            <\/tr>\n\n            <!-- Opportunities & Threats Section -->\n            <tr class=\"section-header-row\">\n                <th>\n                    <span class=\"desktop-header\">Opportunities<\/span>\n                    <span class=\"mobile-section-title\">Opportunities &amp; Threats<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Threats<\/th>\n            <\/tr>\n\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Expansion into new cities and categories\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Price war with well-funded rivals\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Higher-margin ads and private labels\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Regulatory scrutiny on dark stores and gig workers\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Zepto Caf\u00e9 and new formats\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Valuation reset in public markets\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad887aa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad887aa\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-24619f7\" data-id=\"24619f7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-476ad9d elementor-widget elementor-widget-text-editor\" data-id=\"476ad9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Why Investors Are Interested<\/h4><ul dir=\"ltr\"><li>One of the fastest-growing consumer internet companies in India<\/li><li>Listed peers (Eternal, Swiggy) provide a valuation benchmark<\/li><li>Scale benefits: more orders per store can improve unit economics<\/li><li>Domestic ownership push: Zepto shifted its domicile from Singapore to India<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\">Key Risks<\/h4><ul dir=\"ltr\"><li><strong>Profitability:<\/strong> Losses of \u20b95,905 crore in FY26; no profit track record<\/li><li><strong>Competition:<\/strong> Rivals with deep-pocketed parents can sustain losses longer<\/li><li><strong>Execution:<\/strong> Dark-store expansion depends on leases and local permissions<\/li><li><strong>Labour regulations:<\/strong> New rules for gig and platform workers could raise costs<\/li><li><strong>Valuation:<\/strong> Reports suggest public investors valued Zepto at far less than its last private round<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-53bf813 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"53bf813\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-02c2d35\" data-id=\"02c2d35\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61a5c94 elementor-widget elementor-widget-text-editor\" data-id=\"61a5c94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>IPO Details<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1f47b3 elementor-widget elementor-widget-text-editor\" data-id=\"a1f47b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .zepto-issue-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .zepto-issue-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .zepto-issue-table thead tr {\n        background: #6495ED;\n    }\n\n    .zepto-issue-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .zepto-issue-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .zepto-issue-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .zepto-issue-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .zepto-issue-table .item-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 30%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .zepto-issue-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .zepto-issue-table, \n        .zepto-issue-table tbody, \n        .zepto-issue-table tr, \n        .zepto-issue-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .zepto-issue-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each row into a distinct card *\/\n        .zepto-issue-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .zepto-issue-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Item header inside mobile card *\/\n        .zepto-issue-table td.item-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value\/details section below header *\/\n        .zepto-issue-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"zepto-issue-wrapper\">\n    <table class=\"zepto-issue-table\">\n        <thead>\n            <tr>\n                <th>Item<\/th>\n                <th>Details<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"item-cell\">Face value<\/td>\n                <td class=\"info-cell\">\u20b95 per share<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Fresh issue<\/td>\n                <td class=\"info-cell\">Up to \u20b98,010 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">OFS<\/td>\n                <td class=\"info-cell\">Up to 11,34,66,566 equity shares<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Pre-IPO placement<\/td>\n                <td class=\"info-cell\">Up to \u20b91,602 crore (would reduce the fresh issue)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Main selling shareholders<\/td>\n                <td class=\"info-cell\">Nexus Ventures VI &amp; VII, Contrary, Razor Ventures, Kaiser Foundation Hospitals, Kaiser Permanente Group Trust<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Objects (\u20b9 crore)<\/td>\n                <td class=\"info-cell\">Dark-store expansion 1,628.98; lease rentals 1,734.94; technology &amp; cloud 1,324.78; marketing via subsidiary 520.00; inorganic growth &amp; general corporate purposes<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Exchanges<\/td>\n                <td class=\"info-cell\">NSE and BSE<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">BRLMs<\/td>\n                <td class=\"info-cell\">Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial, IIFL Capital<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Registrar<\/td>\n                <td class=\"info-cell\">KFin Technologies<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Price band \/ dates<\/td>\n                <td class=\"info-cell\">Not announced<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a89cce0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a89cce0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a5c2fa9\" data-id=\"a5c2fa9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a3de80 elementor-widget elementor-widget-text-editor\" data-id=\"0a3de80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Interesting Facts About Zepto<\/h4><ol dir=\"ltr\"><li>Its founders started the company at about 19 years of age after leaving Stanford.<\/li><li>The original idea, KiranaKart, was a lockdown-era grocery service.<\/li><li>It processed over <strong>17.5 lakh orders per day<\/strong> on average in FY26.<\/li><li>Total orders crossed 64 crore in FY26.<\/li><li>Zepto Caf\u00e9 turned dark stores into mini caf\u00e9s.<\/li><li>It moved its holding company from Singapore to India before filing.<\/li><li>Advertising revenue grew from under \u20b950 crore (FY24) to over \u20b91,600 crore (FY26).<\/li><li>Health-care investors Kaiser Foundation Hospitals and Kaiser Permanente Group Trust are among the selling shareholders.<\/li><li>Its peak private valuation was about $7 billion (October 2025).<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6fd13b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6fd13b6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c43fa5\" data-id=\"4c43fa5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0e9adad elementor-widget elementor-widget-text-editor\" data-id=\"0e9adad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 dir=\"ltr\" aria-level=\"5\">3. boAt IPO: India\u2019s Homegrown Audio and Wearables Brand<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d79e1d1 elementor-widget elementor-widget-image\" data-id=\"d79e1d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/boAt-Audio-Essentials-Showcase.jpg\" class=\"attachment-large size-large wp-image-53834\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ded2057 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ded2057\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fe83b1f\" data-id=\"fe83b1f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-93bd22e elementor-widget elementor-widget-text-editor\" data-id=\"93bd22e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Company Overview<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eea1680 elementor-widget elementor-widget-text-editor\" data-id=\"eea1680\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .boat-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .boat-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .boat-table thead tr {\n        background: #6495ED;\n    }\n\n    .boat-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .boat-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .boat-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .boat-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .boat-table .detail-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .boat-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .boat-table, \n        .boat-table tbody, \n        .boat-table tr, \n        .boat-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .boat-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .boat-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .boat-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Detail label at the top of each card *\/\n        .boat-table td.detail-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Information description below the detail label *\/\n        .boat-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"boat-table-wrapper\">\n    <table class=\"boat-table\">\n        <thead>\n            <tr>\n                <th>Detail<\/th>\n                <th>Information<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"detail-cell\">Legal name<\/td>\n                <td class=\"info-cell\">Imagine Marketing Limited<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Brand<\/td>\n                <td class=\"info-cell\">boAt<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Co-founders<\/td>\n                <td class=\"info-cell\">Aman Gupta, Sameer Mehta<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Headquarters<\/td>\n                <td class=\"info-cell\">Mumbai, Maharashtra<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Industry<\/td>\n                <td class=\"info-cell\">Consumer electronics \u2013 audio, wearables, personal care gadgets<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Key investor<\/td>\n                <td class=\"info-cell\">South Lake Investment (Warburg Pincus affiliate)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Latest filing<\/td>\n                <td class=\"info-cell\">UDRHP (October 2025), after confidential pre-filing<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e81ce89 elementor-widget elementor-widget-text-editor\" data-id=\"e81ce89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Founder story:<\/strong> Aman Gupta, a chartered accountant with an MBA, and Sameer Mehta, an engineer from a family electronics business, saw a gap in the Indian market: stylish, durable cables and headphones at affordable prices. They launched boAt in the mid-2010s, starting with charging cables before moving into earphones, headphones and speakers. Aman Gupta later became widely known as a judge on the TV show <em>Shark Tank India<\/em>.<\/p><p dir=\"ltr\"><strong>Vision:<\/strong> To be a lifestyle brand that makes high-quality audio and wearables accessible to young Indians.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Business Model<\/h4><p dir=\"ltr\">boAt follows an <strong>asset-light, brand-led, D2C plus marketplace<\/strong> model.<\/p><ul dir=\"ltr\"><li><strong>Design and branding in-house<\/strong>, manufacturing largely through partners (increasingly in India)<\/li><li><strong>Sales channels:<\/strong> Amazon, Flipkart, its own website, quick commerce apps and offline retail<\/li><li><strong>Pricing:<\/strong> value-to-mid segment, targeting youth<\/li><li><strong>Marketing:<\/strong> celebrity and cricket partnerships, influencer marketing, limited-edition collaborations<\/li><\/ul><p dir=\"ltr\"><strong>Revenue sources:<\/strong> Sale of TWS earbuds, neckbands, headphones, speakers, smartwatches and personal care devices, plus a small but growing international business.<\/p><p dir=\"ltr\"><strong>Customer segments:<\/strong> Students, young professionals, fitness enthusiasts and gifting buyers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8393e27 elementor-widget elementor-widget-text-editor\" data-id=\"8393e27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Industry Analysis<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Large, young market:<\/strong> India is one of the world\u2019s biggest markets for TWS earbuds and smartwatches.<\/li><li><strong>Slowing growth in wearables:<\/strong> After a boom in 2021\u20132023, smartwatch shipments in India cooled as the market became saturated and prices fell.<\/li><li><strong>Make in India push:<\/strong> PLI schemes and duties on imports encourage local manufacturing.<\/li><li><strong>Outlook:<\/strong> Growth now depends on premiumisation, new categories (smart rings, hearing wellness) and offline expansion.<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Products and Services<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Audio:<\/strong> Airdopes (TWS earbuds), Rockerz (headphones\/neckbands), Bassheads (wired), Stone (speakers), Aavante (soundbars)<\/li><li><strong>Wearables:<\/strong> smartwatches (Wave, Lunar and other ranges) and smart rings<\/li><li><strong>Personal care:<\/strong> trimmers and grooming devices<\/li><li><strong>Accessories:<\/strong> chargers, cables, power banks<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-064cff4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"064cff4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9cd1f02\" data-id=\"9cd1f02\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7acb630 elementor-widget elementor-widget-text-editor\" data-id=\"7acb630\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Competitive Landscape<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f30c019 elementor-widget elementor-widget-text-editor\" data-id=\"f30c019\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .comp-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .comp-table {\n        width: 100%;\n        min-width: 700px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .comp-table thead tr {\n        background: #6495ED;\n    }\n\n    .comp-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .comp-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .comp-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .comp-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .comp-table .comp-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 26%;\n    }\n\n    .comp-table .strength-cell {\n        width: 37%;\n    }\n\n    .comp-table .weakness-cell {\n        width: 37%;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .comp-table .mobile-label {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .comp-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .comp-table, \n        .comp-table tbody, \n        .comp-table tr, \n        .comp-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .comp-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each competitor row into an independent card *\/\n        .comp-table tbody tr {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .comp-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Competitor title at the top of the mobile card *\/\n        .comp-table td.comp-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        .comp-table td.strength-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .comp-table td.weakness-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels visible inside mobile cards *\/\n        .comp-table .mobile-label {\n            display: block !important;\n            font-size: 12px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            color: #4b5563;\n            margin-bottom: 4px;\n        }\n    }\n<\/style>\n\n<div class=\"comp-table-wrapper\">\n    <table class=\"comp-table\">\n        <thead>\n            <tr>\n                <th>Competitor<\/th>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"comp-cell\">Noise<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Strong smartwatch brand, similar pricing\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Wearables slowdown hits harder\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">JBL (Harman\/Samsung)<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Premium audio heritage, global brand\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Higher price points\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Sony<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Premium noise-cancelling leadership\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Limited presence in budget segment\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Boult, OnePlus, realme, Fire-Boltt<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Aggressive pricing, ecosystem play\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Thin margins, brand loyalty\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fab23d7 elementor-widget elementor-widget-text-editor\" data-id=\"fab23d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">SWOT Analysis<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-933353d elementor-widget elementor-widget-text-editor\" data-id=\"933353d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .boat-swot-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .boat-swot-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .boat-swot-table thead tr,\n    .boat-swot-table tr.section-header-row {\n        background: #6495ED;\n    }\n\n    .boat-swot-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n        width: 50%;\n    }\n\n    .boat-swot-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .boat-swot-table tbody tr.data-row:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .boat-swot-table tbody tr.data-row:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .boat-swot-table .mobile-label,\n    .boat-swot-table .mobile-section-title {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .boat-swot-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .boat-swot-table, \n        .boat-swot-table tbody, \n        .boat-swot-table tr, \n        .boat-swot-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Section banner header on mobile *\/\n        .boat-swot-table thead,\n        .boat-swot-table tr.section-header-row {\n            display: block !important;\n            margin-top: 15px;\n            margin-bottom: 12px;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #6495ED !important;\n        }\n\n        .boat-swot-table thead th,\n        .boat-swot-table tr.section-header-row th {\n            display: block !important;\n            width: 100% !important;\n            text-align: center !important;\n            padding: 10px 14px !important;\n            border: none !important;\n        }\n\n        .boat-swot-table .desktop-header {\n            display: none !important;\n        }\n\n        .boat-swot-table .mobile-section-title {\n            display: block !important;\n            font-size: 15px;\n            font-weight: bold;\n            color: #ffffff !important;\n            letter-spacing: 0.5px;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .boat-swot-table tbody tr.data-row {\n            margin-bottom: 12px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .boat-swot-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        .boat-swot-table td.strength-cell,\n        .boat-swot-table td.opp-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .boat-swot-table td.weakness-cell,\n        .boat-swot-table td.threat-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .boat-swot-table .mobile-label {\n            display: block !important;\n            font-size: 11px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            margin-bottom: 4px;\n        }\n\n        .boat-swot-table .strength-lbl {\n            color: #166534; \/* Green *\/\n        }\n\n        .boat-swot-table .weakness-lbl {\n            color: #991b1b; \/* Red *\/\n        }\n\n        .boat-swot-table .opp-lbl {\n            color: #1e40af; \/* Blue *\/\n        }\n\n        .boat-swot-table .threat-lbl {\n            color: #c2410c; \/* Orange *\/\n        }\n    }\n<\/style>\n\n<div class=\"boat-swot-wrapper\">\n    <table class=\"boat-swot-table\">\n        <thead>\n            <tr>\n                <th>\n                    <span class=\"desktop-header\">Strengths<\/span>\n                    <span class=\"mobile-section-title\">Strengths &amp; Weaknesses<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Strong youth brand\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Revenue growth has stalled (FY24\u2013FY26)\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Profitable and debt-free (FY26)\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Dependence on online marketplaces\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Local manufacturing scale\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Low entry barriers in category\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Wide product portfolio\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    High marketing spend needed\n                <\/td>\n            <\/tr>\n\n            <!-- Opportunities & Threats Section -->\n            <tr class=\"section-header-row\">\n                <th>\n                    <span class=\"desktop-header\">Opportunities<\/span>\n                    <span class=\"mobile-section-title\">Opportunities &amp; Threats<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Threats<\/th>\n            <\/tr>\n\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Premium audio and smart rings\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Price wars from Chinese and Indian brands\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Offline and international expansion\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Smartwatch market saturation\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    PLI and Make in India benefits\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Component cost and currency swings\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09bc113 elementor-widget elementor-widget-text-editor\" data-id=\"09bc113\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Why Investors Are Interested<\/strong><\/h4><ul dir=\"ltr\"><li>One of India\u2019s best-known consumer electronics brands<\/li><li>A rare new-age consumer company that is profitable and debt-free<\/li><li>Investor-friendly mix of fresh issue (growth) and OFS (exit)<\/li><li>\u201cboAt 2.0\u201d strategy focused on premiumisation and new categories<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Key Risks<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Flat revenue:<\/strong> Revenue has been around \u20b92,900\u20133,100 crore for three years<\/li><li><strong>Thin margins:<\/strong> PAT margin is under 3% of revenue in FY26<\/li><li><strong>Competition:<\/strong> Global and local brands compete heavily on price<\/li><li><strong>Inventory risk:<\/strong> Fast product cycles can leave unsold stock<\/li><li><strong>Market sentiment:<\/strong> Reports cite heightened scrutiny of new-age consumer companies<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8e15428 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8e15428\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62487e4\" data-id=\"62487e4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd301f5 elementor-widget elementor-widget-text-editor\" data-id=\"cd301f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>IPO Details<\/strong><\/h4><div dir=\"ltr\">\u00a0<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1019b96 elementor-widget elementor-widget-text-editor\" data-id=\"1019b96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .boat-issue-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .boat-issue-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .boat-issue-table thead tr {\n        background: #6495ED;\n    }\n\n    .boat-issue-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .boat-issue-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .boat-issue-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .boat-issue-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .boat-issue-table .item-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 30%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .boat-issue-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .boat-issue-table, \n        .boat-issue-table tbody, \n        .boat-issue-table tr, \n        .boat-issue-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .boat-issue-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each row into a distinct card *\/\n        .boat-issue-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .boat-issue-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Item header inside mobile card *\/\n        .boat-issue-table td.item-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value\/details section below header *\/\n        .boat-issue-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"boat-issue-wrapper\">\n    <table class=\"boat-issue-table\">\n        <thead>\n            <tr>\n                <th>Item<\/th>\n                <th>Details<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"item-cell\">Total issue size<\/td>\n                <td class=\"info-cell\">Up to \u20b91,500 crore (as per UDRHP, Oct 2025)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Fresh issue<\/td>\n                <td class=\"info-cell\">Up to \u20b9500 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">OFS<\/td>\n                <td class=\"info-cell\">Up to \u20b91,000 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Selling shareholders<\/td>\n                <td class=\"info-cell\">South Lake Investment (\u20b9500 cr), Aman Gupta (\u20b9225 cr), Fireside Ventures (\u20b9150 cr), Sameer Mehta (\u20b975 cr), Qualcomm Ventures (\u20b950 cr)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Objects of fresh issue<\/td>\n                <td class=\"info-cell\">Working capital \u20b9225 cr; branding &amp; marketing \u20b9150 cr; general corporate purposes<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Exchanges<\/td>\n                <td class=\"info-cell\">NSE and BSE<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Price band \/ dates \/ lot size<\/td>\n                <td class=\"info-cell\">Not announced<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">BRLMs, registrar, face value<\/td>\n                <td class=\"info-cell\">Refer to the UDRHP; final details will be confirmed in the RHP<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3cf5df0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3cf5df0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a3cb9d\" data-id=\"0a3cb9d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-21c5445 elementor-widget elementor-widget-text-editor\" data-id=\"21c5445\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Interesting Facts About boAt<\/h4><ol dir=\"ltr\"><li>The listing entity is <strong>Imagine Marketing Limited<\/strong>, so the shares may not trade under the \u201cboAt\u201d name.<\/li><li>Its first products were charging cables, not earphones.<\/li><li>Co-founder Aman Gupta became a household name through <em>Shark Tank India<\/em>.<\/li><li>boAt runs <strong>boAt Labs<\/strong>, an in-house R&amp;D centre with 100+ engineers.<\/li><li>71% of its units were made in India in FY25.<\/li><li>It has collaborated with cricket teams, films and pop-culture brands for limited editions.<\/li><li>It cut its IPO size from \u20b92,000 crore (2022) to \u20b91,500 crore (2025).<\/li><li>Qualcomm Ventures is one of its investors.<\/li><li>It ended FY26 with zero bank debt.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6c28b79 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6c28b79\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cca87cb\" data-id=\"cca87cb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b0a798 elementor-widget elementor-widget-text-editor\" data-id=\"5b0a798\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>4. OYO IPO (PRISM): The Hospitality Platform<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d8dd9b elementor-widget elementor-widget-image\" data-id=\"7d8dd9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/OYO-Hotel-Booking-Banner.jpg\" class=\"attachment-large size-large wp-image-53838\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-000fcb7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"000fcb7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a24484c\" data-id=\"a24484c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6136f95 elementor-widget elementor-widget-text-editor\" data-id=\"6136f95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Company Overview<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ffa1a5 elementor-widget elementor-widget-text-editor\" data-id=\"9ffa1a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .prism-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .prism-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .prism-table thead tr {\n        background: #6495ED;\n    }\n\n    .prism-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .prism-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .prism-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .prism-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .prism-table .detail-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .prism-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .prism-table, \n        .prism-table tbody, \n        .prism-table tr, \n        .prism-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .prism-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .prism-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .prism-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Detail label at the top of each card *\/\n        .prism-table td.detail-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Information description below the detail label *\/\n        .prism-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"prism-table-wrapper\">\n    <table class=\"prism-table\">\n        <thead>\n            <tr>\n                <th>Detail<\/th>\n                <th>Information<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"detail-cell\">Legal name<\/td>\n                <td class=\"info-cell\">PRISM (formerly Oravel Stays Limited)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Founder<\/td>\n                <td class=\"info-cell\">Ritesh Agarwal<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Headquarters<\/td>\n                <td class=\"info-cell\">Gurugram, Haryana<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Industry<\/td>\n                <td class=\"info-cell\">Travel tech and hospitality (hotels, homes, vacation rentals)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Footprint<\/td>\n                <td class=\"info-cell\">35+ countries; 24,000+ hotels and 1,24,668 homes (as of 31 Dec 2025)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Latest filing<\/td>\n                <td class=\"info-cell\">UDRHP-I, 30 June 2026<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3bab2a1 elementor-widget elementor-widget-text-editor\" data-id=\"3bab2a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Founder story:<\/strong> Ritesh Agarwal started Oravel Stays in 2012 as a teenager, first as a listing site for budget stays. In 2013 he won a Thiel Fellowship and relaunched the business as <strong>OYO Rooms<\/strong>, standardising budget hotels with a common brand, clean linen and Wi-Fi. OYO grew rapidly with backing from SoftBank, expanded across the world, and then restructured sharply after the pandemic to focus on profitability.<\/p><p dir=\"ltr\"><strong>Vision:<\/strong> To make quality stays accessible and affordable for travellers, while helping small hotel owners grow their business with technology.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Business Model<\/h4><p dir=\"ltr\">OYO is mainly an <strong>asset-light, technology-led platform<\/strong> for hotels and homes.<\/p><ul dir=\"ltr\"><li><strong>Partner hotels and homes<\/strong> list on OYO under its brands.<\/li><li>OYO provides <strong>demand (bookings), pricing technology, property management software and brand standards<\/strong>.<\/li><li>OYO earns <strong>commissions or revenue share<\/strong> on bookings.<\/li><li>In the US, it also earns <strong>franchise fees<\/strong> through Motel 6 and Studio 6, acquired in 2024.<\/li><\/ul><p dir=\"ltr\"><strong>Revenue sources:<\/strong><\/p><ul dir=\"ltr\"><li>Commissions on hotel and home bookings<\/li><li>Franchise and brand fees (US economy brands)<\/li><li>Vacation home rentals (Europe \u2013 Belvilla, DanCenter)<\/li><li>Value-added services for property owners<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6c76fd8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6c76fd8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b360e81\" data-id=\"b360e81\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ac11574 elementor-widget elementor-widget-text-editor\" data-id=\"ac11574\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Industry Analysis<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Domestic travel is rising:<\/strong> Growing incomes, better connectivity and religious\/spiritual tourism are lifting demand in Indian Tier-2 and Tier-3 cities.<\/li><li><strong>Fragmented supply:<\/strong> Most hotels in India are small, unbranded properties, giving aggregators room to grow.<\/li><li><strong>Global vacation rentals:<\/strong> Europe\u2019s vacation-home market and the US economy-hotel segment add international diversification.<\/li><li><strong>Outlook:<\/strong> The industry is cyclical and tied to economic conditions, fuel prices and travel sentiment.<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Products and Services<\/strong><\/h4><ul dir=\"ltr\"><li><strong>OYO (core brand):<\/strong> budget hotels<\/li><li><strong>Townhouse, Palette, Collection O, Sunday:<\/strong> mid-market and premium brands<\/li><li><strong>Motel 6 and Studio 6:<\/strong> US economy hotels (franchise model)<\/li><li><strong>Belvilla and DanCenter:<\/strong> European vacation homes<\/li><li><strong>OYO app and website:<\/strong> direct consumer bookings<\/li><li><strong>Owner tools:<\/strong> dashboards, revenue management and property management software<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8bb58f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8bb58f6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d7046b2\" data-id=\"d7046b2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8d3bad4 elementor-widget elementor-widget-text-editor\" data-id=\"8d3bad4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Competitive Landscape<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2b3782 elementor-widget elementor-widget-text-editor\" data-id=\"e2b3782\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .hotel-comp-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .hotel-comp-table {\n        width: 100%;\n        min-width: 700px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .hotel-comp-table thead tr {\n        background: #6495ED;\n    }\n\n    .hotel-comp-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .hotel-comp-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .hotel-comp-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .hotel-comp-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .hotel-comp-table .comp-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 26%;\n    }\n\n    .hotel-comp-table .strength-cell {\n        width: 37%;\n    }\n\n    .hotel-comp-table .weakness-cell {\n        width: 37%;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .hotel-comp-table .mobile-label {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .hotel-comp-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .hotel-comp-table, \n        .hotel-comp-table tbody, \n        .hotel-comp-table tr, \n        .hotel-comp-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .hotel-comp-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into an independent card *\/\n        .hotel-comp-table tbody tr {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .hotel-comp-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Competitor title at the top of the mobile card *\/\n        .hotel-comp-table td.comp-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        .hotel-comp-table td.strength-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .hotel-comp-table td.weakness-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .hotel-comp-table .mobile-label {\n            display: block !important;\n            font-size: 12px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            color: #4b5563;\n            margin-bottom: 4px;\n        }\n    }\n<\/style>\n\n<div class=\"hotel-comp-wrapper\">\n    <table class=\"hotel-comp-table\">\n        <thead>\n            <tr>\n                <th>Competitor<\/th>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"comp-cell\">Airbnb<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Global brand, strong in homes and unique stays\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Limited budget-hotel focus in India\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Treebo<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Strong mid-market hotel brand in India\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Smaller scale\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">FabHotels<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Consistent quality, business-traveller focus\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Mainly India-focused\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">MakeMyTrip, Booking.com, Agoda<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Large distribution, loyalty programmes\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Pure OTAs, less control over quality\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0afa03d elementor-widget elementor-widget-text-editor\" data-id=\"0afa03d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>SWOT Analysis<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8d0f23 elementor-widget elementor-widget-text-editor\" data-id=\"d8d0f23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .prism-swot-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .prism-swot-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .prism-swot-table thead tr,\n    .prism-swot-table tr.section-header-row {\n        background: #6495ED;\n    }\n\n    .prism-swot-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n        width: 50%;\n    }\n\n    .prism-swot-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .prism-swot-table tbody tr.data-row:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .prism-swot-table tbody tr.data-row:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .prism-swot-table .mobile-label,\n    .prism-swot-table .mobile-section-title {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .prism-swot-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .prism-swot-table, \n        .prism-swot-table tbody, \n        .prism-swot-table tr, \n        .prism-swot-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Section banner header on mobile *\/\n        .prism-swot-table thead,\n        .prism-swot-table tr.section-header-row {\n            display: block !important;\n            margin-top: 15px;\n            margin-bottom: 12px;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #6495ED !important;\n        }\n\n        .prism-swot-table thead th,\n        .prism-swot-table tr.section-header-row th {\n            display: block !important;\n            width: 100% !important;\n            text-align: center !important;\n            padding: 10px 14px !important;\n            border: none !important;\n        }\n\n        .prism-swot-table .desktop-header {\n            display: none !important;\n        }\n\n        .prism-swot-table .mobile-section-title {\n            display: block !important;\n            font-size: 15px;\n            font-weight: bold;\n            color: #ffffff !important;\n            letter-spacing: 0.5px;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .prism-swot-table tbody tr.data-row {\n            margin-bottom: 12px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .prism-swot-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        .prism-swot-table td.strength-cell,\n        .prism-swot-table td.opp-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .prism-swot-table td.weakness-cell,\n        .prism-swot-table td.threat-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .prism-swot-table .mobile-label {\n            display: block !important;\n            font-size: 11px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            margin-bottom: 4px;\n        }\n\n        .prism-swot-table .strength-lbl {\n            color: #166534; \/* Green *\/\n        }\n\n        .prism-swot-table .weakness-lbl {\n            color: #991b1b; \/* Red *\/\n        }\n\n        .prism-swot-table .opp-lbl {\n            color: #1e40af; \/* Blue *\/\n        }\n\n        .prism-swot-table .threat-lbl {\n            color: #c2410c; \/* Orange *\/\n        }\n    }\n<\/style>\n\n<div class=\"prism-swot-wrapper\">\n    <table class=\"prism-swot-table\">\n        <thead>\n            <tr>\n                <th>\n                    <span class=\"desktop-header\">Strengths<\/span>\n                    <span class=\"mobile-section-title\">Strengths &amp; Weaknesses<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Large global supply network\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Profits rely partly on deferred tax credits\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Asset-light model\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    High debt and finance costs\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Multiple brands across segments\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    History of disputes with hotel partners\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Profitable at net level since FY24\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Two earlier IPO attempts did not launch\n                <\/td>\n            <\/tr>\n\n            <!-- Opportunities & Threats Section -->\n            <tr class=\"section-header-row\">\n                <th>\n                    <span class=\"desktop-header\">Opportunities<\/span>\n                    <span class=\"mobile-section-title\">Opportunities &amp; Threats<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Threats<\/th>\n            <\/tr>\n\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Domestic and spiritual tourism boom\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Travel demand is cyclical\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    US franchise growth (Motel 6)\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Currency and international risks\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Premium\/mid-market brands\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Competition from OTAs and branded chains\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3076d69 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3076d69\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8b77ed0\" data-id=\"8b77ed0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2bac964 elementor-widget elementor-widget-text-editor\" data-id=\"2bac964\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Why Investors Are Interested<\/strong><\/h4><ul dir=\"ltr\"><li>A turnaround story from heavy losses to net profit<\/li><li>All IPO money goes to the company (100% fresh issue, no OFS)<\/li><li>Debt reduction could lower interest costs significantly<\/li><li>Exposure to both Indian and global travel growth<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Key Risks<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Leverage:<\/strong> Large borrowings at the Singapore subsidiary level<\/li><li><strong>Earnings quality:<\/strong> Reliance on tax credits in reported profits<\/li><li><strong>Execution:<\/strong> Integrating and growing international businesses<\/li><li><strong>Regulation:<\/strong> Local hotel licensing, tax and data rules across 35+ countries<\/li><li><strong>Economic cycles:<\/strong> Travel spending falls in slowdowns<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-74abc62 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"74abc62\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e63a0ed\" data-id=\"e63a0ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46978db elementor-widget elementor-widget-text-editor\" data-id=\"46978db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>IPO Details<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5533dc elementor-widget elementor-widget-text-editor\" data-id=\"f5533dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .prism-issue-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .prism-issue-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .prism-issue-table thead tr {\n        background: #6495ED;\n    }\n\n    .prism-issue-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .prism-issue-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .prism-issue-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .prism-issue-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .prism-issue-table .item-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 30%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .prism-issue-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .prism-issue-table, \n        .prism-issue-table tbody, \n        .prism-issue-table tr, \n        .prism-issue-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .prism-issue-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each row into a distinct card *\/\n        .prism-issue-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .prism-issue-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Item header inside mobile card *\/\n        .prism-issue-table td.item-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value\/details section below header *\/\n        .prism-issue-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"prism-issue-wrapper\">\n    <table class=\"prism-issue-table\">\n        <thead>\n            <tr>\n                <th>Item<\/th>\n                <th>Details<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"item-cell\">Issue size<\/td>\n                <td class=\"info-cell\">Up to \u20b96,650 crore<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Fresh issue<\/td>\n                <td class=\"info-cell\">\u20b96,650 crore (100%)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">OFS<\/td>\n                <td class=\"info-cell\">None<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Pre-IPO placement<\/td>\n                <td class=\"info-cell\">Up to \u20b91,330 crore (would reduce the fresh issue)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Face value<\/td>\n                <td class=\"info-cell\">\u20b91 per share<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Objects<\/td>\n                <td class=\"info-cell\">\u20b94,987.5 crore to subsidiary Oravel Stays Singapore for repaying\/prepaying borrowings; balance for general corporate purposes<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Exchanges<\/td>\n                <td class=\"info-cell\">NSE and BSE<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">BRLMs<\/td>\n                <td class=\"info-cell\">Axis Capital, Citigroup, Goldman Sachs, ICICI Securities, InCred Capital, Intensive Fiscal Services, JM Financial, SBI Capital Markets<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Registrar<\/td>\n                <td class=\"info-cell\">MUFG Intime India<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Price band \/ dates<\/td>\n                <td class=\"info-cell\">Not announced<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d41a31 elementor-widget elementor-widget-text-editor\" data-id=\"0d41a31\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Interesting Facts About OYO<\/h4><ol dir=\"ltr\"><li>Ritesh Agarwal founded the business as a teenager in 2012.<\/li><li>He was among the first Indians to receive the <strong>Thiel Fellowship<\/strong> (2013).<\/li><li>OYO stands for \u201cOn Your Own\u201d.<\/li><li>It acquired the iconic US brand <strong>Motel 6<\/strong> from Blackstone in 2024.<\/li><li>Its European vacation-home brands include Belvilla and DanCenter.<\/li><li>It reported its first full-year net profit in FY24 (\u20b9229.6 crore).<\/li><li>The listing entity was renamed from Oravel Stays to <strong>PRISM<\/strong>.<\/li><li>This is its third attempt at an IPO after 2021 and 2023.<\/li><li>The 2026 issue has <strong>no OFS<\/strong> \u2014 existing shareholders are not selling.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eaf4f79 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eaf4f79\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f1a7e51\" data-id=\"f1a7e51\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-abc71d2 elementor-widget elementor-widget-text-editor\" data-id=\"abc71d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 dir=\"ltr\" aria-level=\"5\">5. KENT RO IPO: The\u00a0 Water Purifier Leader<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-321b96b elementor-widget elementor-widget-image\" data-id=\"321b96b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/KENT-Mineral-RO-Water-Purifier-Ad.jpg\" class=\"attachment-large size-large wp-image-53848\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0df7c03 elementor-widget elementor-widget-text-editor\" data-id=\"0df7c03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Company Overview<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ccc73fc elementor-widget elementor-widget-text-editor\" data-id=\"ccc73fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .kentro-table-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .kentro-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .kentro-table thead tr {\n        background: #6495ED;\n    }\n\n    .kentro-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .kentro-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .kentro-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .kentro-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .kentro-table .detail-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 25%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .kentro-table-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .kentro-table, \n        .kentro-table tbody, \n        .kentro-table tr, \n        .kentro-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .kentro-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .kentro-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .kentro-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Detail label at the top of each card *\/\n        .kentro-table td.detail-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Information description below the detail label *\/\n        .kentro-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"kentro-table-wrapper\">\n    <table class=\"kentro-table\">\n        <thead>\n            <tr>\n                <th>Detail<\/th>\n                <th>Information<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"detail-cell\">Legal name<\/td>\n                <td class=\"info-cell\">KENT RO Systems Limited<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Founder &amp; Chairman<\/td>\n                <td class=\"info-cell\">Dr. Mahesh Gupta<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Headquarters<\/td>\n                <td class=\"info-cell\">Noida, Uttar Pradesh<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Industry<\/td>\n                <td class=\"info-cell\">Consumer durables \u2013 water purifiers and home appliances<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Founded<\/td>\n                <td class=\"info-cell\">1999<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">Ownership<\/td>\n                <td class=\"info-cell\">Promoter family holds ~99.77%<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"detail-cell\">DRHP filed<\/td>\n                <td class=\"info-cell\">January 2025<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efae090 elementor-widget elementor-widget-text-editor\" data-id=\"efae090\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\"><strong>Founder story:<\/strong> Mahesh Gupta, an IIT Kanpur alumnus who worked at Indian Oil Corporation, became concerned about water quality after family members fell ill from contaminated water. He started KENT RO in 1999 and helped popularise <strong>reverse osmosis (RO)<\/strong> purifiers in Indian homes, a category that was then dominated by UV and candle filters.<\/p><p dir=\"ltr\"><strong>Vision:<\/strong> To make pure and healthy living accessible to every Indian household.<\/p><h4 dir=\"ltr\" aria-level=\"6\">Business Model<\/h4><p dir=\"ltr\">KENT is a <strong>traditional manufacturing and distribution business<\/strong> \u2013 very different from the four tech platforms above.<\/p><ul dir=\"ltr\"><li><strong>Designs and manufactures<\/strong> water purifiers and appliances<\/li><li><strong>Sells through<\/strong> distributors, dealers, modern retail, e-commerce and its own website<\/li><li><strong>Service network:<\/strong> installation, maintenance and annual maintenance contracts (AMCs)<\/li><li><strong>Recurring income:<\/strong> filters, spare parts and service plans<\/li><\/ul><p dir=\"ltr\"><strong>Revenue sources:<\/strong> Water purifiers (about 85% of revenue in H1 FY25), water softeners, kitchen appliances, vacuum cleaners, fans and other home products.<\/p><p dir=\"ltr\"><strong>Customer segments:<\/strong> Urban and semi-urban households, offices, hotels and institutions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7d2805 elementor-widget elementor-widget-text-editor\" data-id=\"f7d2805\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\"><strong>Industry Analysis<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Low penetration:<\/strong> Water purifier ownership in India is still low, especially outside large cities. Chairman Mahesh Gupta cites low adoption as the main growth driver.<\/li><li><strong>Health awareness:<\/strong> Concerns over water contamination drive demand.<\/li><li><strong>Government push:<\/strong> Piped-water schemes increase tap connections, but quality concerns keep purifier demand alive.<\/li><li><strong>Outlook:<\/strong> Management expects revenue growth of about 15% in FY27, with input cost pressures as a key watch-point.<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\"><strong>Products and Services<\/strong><\/h4><ul dir=\"ltr\"><li><strong>Water purifiers:<\/strong> RO, RO+UV+UF, UV, gravity-based and under-sink models<\/li><li><strong>Water softeners:<\/strong> whole-house and bathroom softeners<\/li><li><strong>Kitchen appliances:<\/strong> vegetable and fruit purifiers, chimneys, cookware and small appliances<\/li><li><strong>Home care:<\/strong> vacuum cleaners, air purifiers and fans<\/li><li><strong>Services:<\/strong> installation, AMCs and filter replacement<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f51aea8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f51aea8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b54afbe\" data-id=\"b54afbe\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fa1886b elementor-widget elementor-widget-text-editor\" data-id=\"fa1886b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Competitive Landscape<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-956cacc elementor-widget elementor-widget-text-editor\" data-id=\"956cacc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .kent-comp-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .kent-comp-table {\n        width: 100%;\n        min-width: 700px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .kent-comp-table thead tr {\n        background: #6495ED;\n    }\n\n    .kent-comp-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .kent-comp-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .kent-comp-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .kent-comp-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .kent-comp-table .comp-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 26%;\n    }\n\n    .kent-comp-table .strength-cell {\n        width: 37%;\n    }\n\n    .kent-comp-table .weakness-cell {\n        width: 37%;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .kent-comp-table .mobile-label {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .kent-comp-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .kent-comp-table, \n        .kent-comp-table tbody, \n        .kent-comp-table tr, \n        .kent-comp-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .kent-comp-table thead {\n            display: none !important;\n        }\n\n        \/* Convert each competitor row into an independent card *\/\n        .kent-comp-table tbody tr {\n            margin-bottom: 16px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .kent-comp-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Competitor title at the top of the mobile card *\/\n        .kent-comp-table td.comp-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        .kent-comp-table td.strength-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .kent-comp-table td.weakness-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .kent-comp-table .mobile-label {\n            display: block !important;\n            font-size: 12px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            color: #4b5563;\n            margin-bottom: 4px;\n        }\n    }\n<\/style>\n\n<div class=\"kent-comp-wrapper\">\n    <table class=\"kent-comp-table\">\n        <thead>\n            <tr>\n                <th>Competitor<\/th>\n                <th>Strengths<\/th>\n                <th>Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"comp-cell\">Eureka Forbes (Aquaguard)<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Listed; market leader with strong service network; revenue ~\u20b92,189 crore in FY24\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Ownership changes in recent years\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Livpure<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Affordable range, subscription models\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Smaller brand recall\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">A. O. Smith<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Global brand, strong in water heaters and purifiers\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Premium pricing\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">HUL Pureit<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    FMCG distribution muscle\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Lower RO focus historically\n                <\/td>\n            <\/tr>\n            <tr>\n                <td class=\"comp-cell\">Unorganised local brands<\/td>\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label\">Strengths<\/span>\n                    Very low prices\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label\">Weaknesses<\/span>\n                    Inconsistent quality and service\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2fa264 elementor-widget elementor-widget-text-editor\" data-id=\"f2fa264\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>SWOT Analysis<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55f6510 elementor-widget elementor-widget-text-editor\" data-id=\"55f6510\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .kentro-swot-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .kentro-swot-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .kentro-swot-table thead tr,\n    .kentro-swot-table tr.section-header-row {\n        background: #6495ED;\n    }\n\n    .kentro-swot-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n        width: 50%;\n    }\n\n    .kentro-swot-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .kentro-swot-table tbody tr.data-row:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .kentro-swot-table tbody tr.data-row:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    \/* Labels hidden on desktop *\/\n    .kentro-swot-table .mobile-label,\n    .kentro-swot-table .mobile-section-title {\n        display: none;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .kentro-swot-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .kentro-swot-table, \n        .kentro-swot-table tbody, \n        .kentro-swot-table tr, \n        .kentro-swot-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Section banner header on mobile *\/\n        .kentro-swot-table thead,\n        .kentro-swot-table tr.section-header-row {\n            display: block !important;\n            margin-top: 15px;\n            margin-bottom: 12px;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #6495ED !important;\n        }\n\n        .kentro-swot-table thead th,\n        .kentro-swot-table tr.section-header-row th {\n            display: block !important;\n            width: 100% !important;\n            text-align: center !important;\n            padding: 10px 14px !important;\n            border: none !important;\n        }\n\n        .kentro-swot-table .desktop-header {\n            display: none !important;\n        }\n\n        .kentro-swot-table .mobile-section-title {\n            display: block !important;\n            font-size: 15px;\n            font-weight: bold;\n            color: #ffffff !important;\n            letter-spacing: 0.5px;\n        }\n\n        \/* Convert each row into a distinct stacked card *\/\n        .kentro-swot-table tbody tr.data-row {\n            margin-bottom: 12px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .kentro-swot-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        .kentro-swot-table td.strength-cell,\n        .kentro-swot-table td.opp-cell {\n            background: #ffffff !important;\n            border-bottom: 1px dashed #e5e7eb !important;\n        }\n\n        .kentro-swot-table td.weakness-cell,\n        .kentro-swot-table td.threat-cell {\n            background: #ffffff !important;\n        }\n\n        \/* Field labels inside cards *\/\n        .kentro-swot-table .mobile-label {\n            display: block !important;\n            font-size: 11px;\n            font-weight: 700;\n            text-transform: uppercase;\n            letter-spacing: 0.5px;\n            margin-bottom: 4px;\n        }\n\n        .kentro-swot-table .strength-lbl {\n            color: #166534; \/* Green *\/\n        }\n\n        .kentro-swot-table .weakness-lbl {\n            color: #991b1b; \/* Red *\/\n        }\n\n        .kentro-swot-table .opp-lbl {\n            color: #1e40af; \/* Blue *\/\n        }\n\n        .kentro-swot-table .threat-lbl {\n            color: #c2410c; \/* Orange *\/\n        }\n    }\n<\/style>\n\n<div class=\"kentro-swot-wrapper\">\n    <table class=\"kentro-swot-table\">\n        <thead>\n            <tr>\n                <th>\n                    <span class=\"desktop-header\">Strengths<\/span>\n                    <span class=\"mobile-section-title\">Strengths &amp; Weaknesses<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Weaknesses<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Profitable, family-run business\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Heavy dependence on one category (~85%)\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Strong RO brand recall\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Moderate growth rate\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    Recurring service and filter revenue\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Concentrated promoter ownership\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"strength-cell\">\n                    <span class=\"mobile-label strength-lbl\">Strength<\/span>\n                    No foreign shareholders pressing for exit\n                <\/td>\n                <td class=\"weakness-cell\">\n                    <span class=\"mobile-label weakness-lbl\">Weakness<\/span>\n                    Limited international presence\n                <\/td>\n            <\/tr>\n\n            <!-- Opportunities & Threats Section -->\n            <tr class=\"section-header-row\">\n                <th>\n                    <span class=\"desktop-header\">Opportunities<\/span>\n                    <span class=\"mobile-section-title\">Opportunities &amp; Threats<\/span>\n                <\/th>\n                <th class=\"desktop-header\">Threats<\/th>\n            <\/tr>\n\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Low purifier penetration in India\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Rising input and logistics costs\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Kitchen and home appliance expansion\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Competition from listed peers\n                <\/td>\n            <\/tr>\n            <tr class=\"data-row\">\n                <td class=\"opp-cell\">\n                    <span class=\"mobile-label opp-lbl\">Opportunity<\/span>\n                    Rural and Tier-3 growth\n                <\/td>\n                <td class=\"threat-cell\">\n                    <span class=\"mobile-label threat-lbl\">Threat<\/span>\n                    Possible water-quality regulations on RO wastage\n                <\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45826c8 elementor-widget elementor-widget-text-editor\" data-id=\"45826c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Why Investors Are Interested<\/h4><ul dir=\"ltr\"><li>A rare <strong>profitable, cash-generating<\/strong> company among high-profile IPO candidates<\/li><li>Simple, easy-to-understand business<\/li><li>Category leadership and strong brand<\/li><li>Recurring service revenue adds stability<\/li><\/ul><h4 dir=\"ltr\" aria-level=\"6\">Key Risks<\/h4><ul dir=\"ltr\"><li><strong>100% OFS:<\/strong> No money goes to the company<\/li><li><strong>Single-category dependence:<\/strong> Water purifiers dominate revenue<\/li><li><strong>Regulatory risk:<\/strong> Rules on RO water wastage can affect product design<\/li><li><strong>Cost inflation:<\/strong> Metals, plastics and freight costs affect margins<\/li><li><strong>Promoter control:<\/strong> Very high promoter holding even after the IPO<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e72769 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e72769\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-164b7e2\" data-id=\"164b7e2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7a171f0 elementor-widget elementor-widget-text-editor\" data-id=\"7a171f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>IPO Details<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0ed9e elementor-widget elementor-widget-text-editor\" data-id=\"4a0ed9e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<style>\n    \/* Desktop Table Styling *\/\n    .kentro-issue-wrapper {\n        width: 100%;\n        overflow-x: auto;\n        -webkit-overflow-scrolling: touch;\n        border: 1px solid #e5e7eb;\n        border-radius: 10px;\n        background: #ffffff;\n        margin: 20px 0;\n    }\n\n    .kentro-issue-table {\n        width: 100%;\n        min-width: 650px;\n        border-collapse: collapse;\n        font-family: Arial, Helvetica, sans-serif;\n        font-size: 15px;\n        color: #000000;\n        line-height: 1.5;\n    }\n\n    .kentro-issue-table thead tr {\n        background: #6495ED;\n    }\n\n    .kentro-issue-table th {\n        padding: 14px;\n        text-align: left;\n        border: 1px solid #e5e7eb;\n        color: #ffffff !important;\n        font-weight: bold;\n    }\n\n    .kentro-issue-table td {\n        padding: 14px;\n        border: 1px solid #e5e7eb;\n        color: #000000 !important;\n        vertical-align: top;\n    }\n\n    .kentro-issue-table tbody tr:nth-child(even) {\n        background: #fafafa;\n    }\n\n    .kentro-issue-table tbody tr:nth-child(odd) {\n        background: #ffffff;\n    }\n\n    .kentro-issue-table .item-cell {\n        font-weight: bold;\n        background: #f8fafc;\n        width: 30%;\n    }\n\n    \/* Mobile: Stack Down-by-Down (under 768px) *\/\n    @media screen and (max-width: 767px) {\n        .kentro-issue-wrapper {\n            border: none !important;\n            background: transparent !important;\n            overflow: visible !important;\n            margin: 15px 0;\n        }\n\n        .kentro-issue-table, \n        .kentro-issue-table tbody, \n        .kentro-issue-table tr, \n        .kentro-issue-table td {\n            display: block !important;\n            width: 100% !important;\n            min-width: 100% !important;\n            box-sizing: border-box !important;\n        }\n\n        \/* Hide table headers on mobile *\/\n        .kentro-issue-table thead {\n            display: none !important;\n        }\n\n        \/* Turn each row into a distinct card *\/\n        .kentro-issue-table tbody tr {\n            margin-bottom: 14px;\n            border: 1px solid #e5e7eb !important;\n            border-radius: 8px;\n            overflow: hidden;\n            background: #ffffff !important;\n            box-shadow: 0 2px 4px rgba(0, 0, 0, 0.04);\n        }\n\n        .kentro-issue-table td {\n            border: none !important;\n            padding: 12px 14px !important;\n        }\n\n        \/* Item header inside mobile card *\/\n        .kentro-issue-table td.item-cell {\n            background: #f1f5f9 !important;\n            font-size: 16px;\n            font-weight: bold;\n            color: #000000 !important;\n            border-bottom: 1px solid #e5e7eb !important;\n        }\n\n        \/* Value\/details section below header *\/\n        .kentro-issue-table td.info-cell {\n            background: #ffffff !important;\n            color: #000000 !important;\n            font-size: 14px;\n        }\n    }\n<\/style>\n\n<div class=\"kentro-issue-wrapper\">\n    <table class=\"kentro-issue-table\">\n        <thead>\n            <tr>\n                <th>Item<\/th>\n                <th>Details<\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"item-cell\">Issue type<\/td>\n                <td class=\"info-cell\">100% Offer for Sale, book-built<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">OFS size<\/td>\n                <td class=\"info-cell\">Up to 1,00,94,568 equity shares<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Face value<\/td>\n                <td class=\"info-cell\">\u20b91 per share<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Fresh issue<\/td>\n                <td class=\"info-cell\">None<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Selling shareholders<\/td>\n                <td class=\"info-cell\">Mahesh Gupta (56,35,088), Sunita Gupta (33,60,910), Varun Gupta (10,98,570)<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Exchanges<\/td>\n                <td class=\"info-cell\">NSE and BSE<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">BRLMs<\/td>\n                <td class=\"info-cell\">JM Financial, Motilal Oswal Investment Advisors<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Registrar<\/td>\n                <td class=\"info-cell\">KFin Technologies<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"item-cell\">Price band \/ dates<\/td>\n                <td class=\"info-cell\">Not announced<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16844bf elementor-widget elementor-widget-text-editor\" data-id=\"16844bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 dir=\"ltr\" aria-level=\"6\">Interesting Facts About KENT RO<\/h4><ol dir=\"ltr\"><li>KENT was founded in 1999 by an IIT Kanpur-educated engineer.<\/li><li>It is credited with popularising RO purifiers in Indian homes.<\/li><li>Water purifiers contribute about 85% of its revenue.<\/li><li>The promoter family owns about 99.77% of the company.<\/li><li>It has no foreign shareholders, so there is no investor pressure to list.<\/li><li>It also sells vegetable and fruit purifiers.<\/li><li>FY26 revenue was about \u20b91,400 crore, up from about \u20b91,260 crore (as reported).<\/li><li>Its IPO would be a pure promoter sale of about 10% of their holding.<\/li><li>Its larger listed rival, Eureka Forbes, earned about \u20b92,189 crore revenue in FY24.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f30ea2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f30ea2d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c22b4a\" data-id=\"3c22b4a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ea73626 elementor-widget elementor-widget-text-editor\" data-id=\"ea73626\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/google.com\/preferences\/source?q=https:\/\/flattrade.in\/\" class=\"ft-google-mini-btn\">\n\n\n    <div class=\"mini-btn-content\">\n\n        <span class=\"mini-top\">\n            Stay updated with\n        <\/span>\n\n        <span class=\"mini-main\">\n\n            <span class=\"flattrade-logo\">\n                FLAT<span>TRADE<\/span>\n                <small>KOSH<\/small>\n            <\/span>\n            \n\n            on\n\n            <span class=\"google-text\">\n                <span class=\"g-blue\">G<\/span><span class=\"g-red\">o<\/span><span class=\"g-yellow\">o<\/span><span class=\"g-blue\">g<\/span><span class=\"g-green\">l<\/span><span class=\"g-red\">e<\/span>\n            <\/span>\n\n            <span class=\"arrow\">\u2197<\/span>\n\n        <\/span>\n\n        <span class=\"mini-desc\">\n            Get market insights, IPO updates, and finance explainers more easily.\n        <\/span>\n\n    <\/div>\n\n<\/a>\n\n<style>\n\n\/* =========================\n   FONT\n========================= *\/\n\n\n\/* =========================\n   GLOBAL\n========================= *\/\n\n*{\n    box-sizing:border-box;\n}\n\n\/* =========================\n   BUTTON\n========================= *\/\n\n.ft-google-mini-btn{\n\n    position:relative;\n\n    display:inline-flex;\n\n    align-items:center;\n\n    gap:14px;\n\n    width:100%;\n    max-width:420px;\n\n    padding:14px 16px;\n\n    border-radius:18px;\n\n    text-decoration:none;\n\n    overflow:hidden;\n\n    font-family:'Plus Jakarta Sans',sans-serif;\n\n    border:1px solid #e5ebf5;\n\n    background:\n    linear-gradient(\n        135deg,\n        #ffffff 0%,\n        #f8fbff 50%,\n        #f4f8fd 100%\n    );\n\n    box-shadow:\n    0 3px 8px rgba(15,23,42,0.03),\n    0 10px 20px rgba(15,23,42,0.05);\n\n    transition:\n    transform 0.25s ease,\n    box-shadow 0.25s ease;\n}\n\n\/* =========================\n   HOVER\n========================= *\/\n\n.ft-google-mini-btn:hover{\n\n    transform:translateY(-2px);\n\n    box-shadow:\n    0 8px 18px rgba(15,23,42,0.06),\n    0 18px 30px rgba(37,99,235,0.07);\n}\n\n\/* =========================\n   GOOGLE ICON\n========================= *\/\n\n.google-icon{\n\n    width:42px;\n\n    height:42px;\n\n    min-width:42px;\n}\n\n\/* =========================\n   CONTENT\n========================= *\/\n\n.mini-btn-content{\n    display:flex;\n    flex-direction:column;\n}\n\n\/* =========================\n   TOP TEXT\n========================= *\/\n\n.mini-top{\n\n    font-size:11px;\n\n    line-height:1.3;\n\n    font-weight:700;\n\n    color:#64748b;\n\n    margin-bottom:2px;\n}\n\n\/* =========================\n   MAIN TEXT\n========================= *\/\n\n.mini-main{\n\n    font-size:15px;\n\n    line-height:1.35;\n\n    font-weight:800;\n\n    color:#0f172a;\n}\n\n\/* =========================\n   FLATTRADE LOGO\n========================= *\/\n\n.flattrade-logo{\n\n    position:relative;\n\n    display:inline-block;\n\n    font-size:15px;\n\n    font-weight:800;\n\n    letter-spacing:-0.3px;\n\n    color:#111827;\n}\n\n.flattrade-logo span{\n    color:#2563eb;\n}\n\n.flattrade-logo small{\n\n    position:absolute;\n\n    right:-1px;\n\n    bottom:-5px;\n\n    font-size:4px;\n\n    font-weight:800;\n\n    color:#2563eb;\n\n    letter-spacing:0.4px;\n}\n\n\/* =========================\n   GOOGLE COLORS\n========================= *\/\n\n.google-text{\n    font-weight:800;\n}\n\n.g-blue{\n    color:#4285F4;\n}\n\n.g-red{\n    color:#EA4335;\n}\n\n.g-yellow{\n    color:#FBBC05;\n}\n\n.g-green{\n    color:#34A853;\n}\n\n\/* =========================\n   ARROW\n========================= *\/\n\n.arrow{\n    color:#2563eb;\n}\n\n\/* =========================\n   DESCRIPTION\n========================= *\/\n\n.mini-desc{\n\n    margin-top:4px;\n\n    font-size:10px;\n\n    line-height:1.5;\n\n    font-weight:500;\n\n    color:#64748b;\n}\n\n\/* =========================\n   MOBILE\n========================= *\/\n\n@media(max-width:480px){\n\n    .ft-google-mini-btn{\n\n        max-width:100%;\n\n        padding:12px 14px;\n\n        border-radius:16px;\n    }\n\n    .google-icon{\n\n        width:36px;\n\n        height:36px;\n\n        min-width:36px;\n    }\n\n    .mini-main,\n    .flattrade-logo{\n        font-size:13px;\n    }\n\n    .mini-desc{\n        font-size:9px;\n    }\n\n}\n\n.ft-google-mini-btn {\n    position: relative;\n    display: inline-flex;\n    align-items: center;\n    gap: 14px;\n    width: 100%;\n    max-width: 420px;\n    padding: 14px 16px;\n    border-radius: 18px;\n    text-decoration: none;\n    overflow: hidden;\n    font-family: 'Plus Jakarta Sans', sans-serif;\n\n    \/* --- ENHANCED BORDER --- *\/\n    border: 2px solid #2563eb; \/* Using the brand blue for a strong identity *\/\n    \/* Alternative: border: 1.5px solid #cbd5e1; for a subtle slate grey *\/\n    \n    background: linear-gradient(135deg, #ffffff 0%, #f8fbff 50%, #f4f8fd 100%);\n    box-shadow: 0 3px 8px rgba(15,23,42,0.03), 0 10px 20px rgba(15,23,42,0.05);\n    transition: all 0.25s ease;\n}\n\n\/* =========================\n   HOVER STATE BORDER\n========================= *\/\n.ft-google-mini-btn:hover {\n    transform: translateY(-2px);\n    border-color: #c5d4ff; \/* Darkens the border slightly on hover *\/\n    box-shadow: 0 8px 12px rgba(37,99,235,0.15);\n}\n\n\n\n<\/style>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f92d6d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f92d6d6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20727b1\" data-id=\"20727b1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2836150 elementor-widget elementor-widget-text-editor\" data-id=\"2836150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a class=\"ft-inline-light-cta\" href=\"https:\/\/instakyc.flattrade.in\/Signup?utm_source=Blog&#038;utm_medium=organic&#038;utm_campaign=Zero+Brokerage\" target=\"_blank\" rel=\"noopener\">\n  <div class=\"cta-light-content\">\n    <h2>Ready to Start Investing?<\/h2>\n    <p>Open a free Demat account with Flattrade \u2013 <strong>ZERO BROKERAGE ON ALL SEGMENTS<\/strong>. Your first step costs nothing.<\/p>\n    <span class=\"cta-light-btn-element\">Open Free Account<\/span>\n  <\/div>\n<\/a>\n\n<style>\n\/* ==========================================================================\n   FLATTRADE INDEPENDENT CTA ELEMENT (PRESERVED ORIGINAL LIGHT DESIGN)\n   ========================================================================== *\/\n\n@import url('https:\/\/fonts.googleapis.com\/css2?family=Inter:wght@400;500;600;700&display=swap');\n\n.ft-inline-light-cta {\n  width: 100%;\n  max-width: 680px;\n  margin: 1.5rem auto;\n  display: flex;\n  flex-direction: column;\n  align-items: center;\n  justify-content: center;\n  text-decoration: none;\n  position: relative;\n  overflow: hidden;\n  text-align: center;\n  border-radius: 12px;\n  \n  \/* Original Light Layout Properties *\/\n  background: #ffffff;\n  color: #1a2a40;\n  padding: clamp(1.75rem, 5vw, 2.75rem) clamp(1rem, 4vw, 2.25rem);\n  box-shadow: 0 8px 24px rgba(10, 22, 40, 0.06);\n  border: 1px solid #e2e8f0;\n  font-family: 'Inter', sans-serif;\n  transition: transform 0.2s ease, box-shadow 0.2s ease;\n}\n\n\/* Original radial light brand glow element *\/\n.ft-inline-light-cta::before {\n  content: '';\n  position: absolute;\n  top: -40%;\n  right: -20%;\n  width: clamp(160px, 35vw, 280px);\n  height: clamp(160px, 35vw, 280px);\n  background: radial-gradient(circle, rgba(0, 102, 204, 0.05) 0%, rgba(0,0,0,0) 70%);\n  pointer-events: none;\n}\n\n.cta-light-content {\n  display: flex;\n  flex-direction: column;\n  align-items: center;\n  justify-content: center;\n  width: 100%;\n  position: relative;\n  z-index: 2;\n}\n\n\/* Original Title Light Styling *\/\n.ft-inline-light-cta h2 {\n  color: #0a1628;\n  font-size: clamp(19px, 3.8vw, 24px);\n  font-weight: 700;\n  margin-bottom: 10px;\n  line-height: 1.3;\n  letter-spacing: -0.02em;\n  width: 100%;\n}\n\n\/* Original Paragraph Light Styling *\/\n.ft-inline-light-cta p { \n  color: #4a5568; \n  font-size: clamp(13.5px, 2.5vw, 14.5px); \n  margin-bottom: clamp(18px, 4vw, 24px); \n  line-height: 1.55;\n  font-weight: 400;\n  width: 100%;\n  max-width: 520px;\n}\n\n\/* Original Bold Highlight Box Badge Light Styling *\/\n.ft-inline-light-cta p strong {\n  color: #0066cc;\n  font-weight: 600;\n  background: rgba(0, 102, 204, 0.08);\n  padding: 2px 6px;\n  border-radius: 4px;\n  display: inline-block;\n}\n\n\/* Original Flattrade Vivid Electric Blue Button Mapping *\/\n.cta-light-btn-element {\n  display: inline-block;\n  background: #0066cc;\n  color: #ffffff;\n  font-weight: 600;\n  font-size: clamp(13.5px, 2.5vw, 14.5px);\n  padding: 12px clamp(20px, 5vw, 36px);\n  border-radius: 6px;\n  box-shadow: 0 4px 12px rgba(0, 102, 204, 0.25);\n  white-space: nowrap;\n  width: auto;\n  transition: background 0.2s ease, transform 0.1s ease, box-shadow 0.2s ease;\n}\n\n\/* Element wrapper hover actions routing down to the synthetic button element *\/\n.ft-inline-light-cta:hover {\n  transform: translateY(-2px);\n  box-shadow: 0 12px 32px rgba(10, 22, 40, 0.1);\n}\n\n.ft-inline-light-cta:hover .cta-light-btn-element {\n  background: #0052a3; \n  box-shadow: 0 6px 18px rgba(0, 102, 204, 0.35);\n}\n\n.ft-inline-light-cta:active {\n  transform: scale(0.99);\n}\n\n.ft-inline-light-cta:active .cta-light-btn-element {\n  transform: scale(0.98);\n  box-shadow: 0 2px 6px rgba(0, 102, 204, 0.15);\n}\n\n\/* Media query adaptation for viewports under 480px width *\/\n@media (max-width: 480px) {\n  .cta-light-btn-element {\n    width: 100%;\n    text-align: center;\n    padding: 13px 16px; \n  }\n}\n<\/style>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"India has become one of the busiest IPO markets in the world. Every week, a new name shows&hellip;","protected":false},"author":10,"featured_media":53858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-53824","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &amp; KENT RO - Everything Investors Need to Know - Flattrade Kosh<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &amp; KENT RO - Everything Investors Need to Know - Flattrade Kosh\" \/>\n<meta property=\"og:description\" content=\"India has become one of the busiest IPO markets in the world. Every week, a new name shows&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Flattrade Kosh\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-29T06:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"658\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Prashant Gorhe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GorhePrashant\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Prashant Gorhe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"21 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/\"},\"author\":{\"name\":\"Prashant Gorhe\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/#\\\/schema\\\/person\\\/4abc93838bc7642e3e445b74cd627dc2\"},\"headline\":\"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &#038; KENT RO &#8211; Everything Investors Need to Know\",\"datePublished\":\"2026-10-29T06:56:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/\"},\"wordCount\":4350,\"image\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/Top-5-Upcoming-IPOs-1.jpg\",\"articleSection\":[\"IPOs\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/\",\"url\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/\",\"name\":\"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO & KENT RO - Everything Investors Need to Know - Flattrade Kosh\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/Top-5-Upcoming-IPOs-1.jpg\",\"datePublished\":\"2026-10-29T06:56:40+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/#\\\/schema\\\/person\\\/4abc93838bc7642e3e445b74cd627dc2\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#primaryimage\",\"url\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/Top-5-Upcoming-IPOs-1.jpg\",\"contentUrl\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/Top-5-Upcoming-IPOs-1.jpg\",\"width\":1170,\"height\":658},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &#038; KENT RO &#8211; Everything Investors Need to Know\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/#website\",\"url\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/\",\"name\":\"Flattrade Kosh\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/#\\\/schema\\\/person\\\/4abc93838bc7642e3e445b74cd627dc2\",\"name\":\"Prashant Gorhe\",\"sameAs\":[\"http:\\\/\\\/prashantgorhe.com\",\"https:\\\/\\\/www.instagram.com\\\/prashant_gorhe\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/prashantgorhe\\\/\",\"https:\\\/\\\/x.com\\\/GorhePrashant\"],\"url\":\"https:\\\/\\\/flattrade.in\\\/kosh\\\/author\\\/prashant\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO & KENT RO - Everything Investors Need to Know - Flattrade Kosh","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/","og_locale":"en_US","og_type":"article","og_title":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO & KENT RO - Everything Investors Need to Know - Flattrade Kosh","og_description":"India has become one of the busiest IPO markets in the world. Every week, a new name shows&hellip;","og_url":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/","og_site_name":"Flattrade Kosh","article_published_time":"2026-10-29T06:56:40+00:00","og_image":[{"width":1170,"height":658,"url":"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg","type":"image\/jpeg"}],"author":"Prashant Gorhe","twitter_card":"summary_large_image","twitter_creator":"@GorhePrashant","twitter_misc":{"Written by":"Prashant Gorhe","Est. reading time":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#article","isPartOf":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/"},"author":{"name":"Prashant Gorhe","@id":"https:\/\/flattrade.in\/kosh\/#\/schema\/person\/4abc93838bc7642e3e445b74cd627dc2"},"headline":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &#038; KENT RO &#8211; Everything Investors Need to Know","datePublished":"2026-10-29T06:56:40+00:00","mainEntityOfPage":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/"},"wordCount":4350,"image":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#primaryimage"},"thumbnailUrl":"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg","articleSection":["IPOs"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/","url":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/","name":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO & KENT RO - Everything Investors Need to Know - Flattrade Kosh","isPartOf":{"@id":"https:\/\/flattrade.in\/kosh\/#website"},"primaryImageOfPage":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#primaryimage"},"image":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#primaryimage"},"thumbnailUrl":"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg","datePublished":"2026-10-29T06:56:40+00:00","author":{"@id":"https:\/\/flattrade.in\/kosh\/#\/schema\/person\/4abc93838bc7642e3e445b74cd627dc2"},"breadcrumb":{"@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#primaryimage","url":"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg","contentUrl":"https:\/\/flattrade.in\/kosh\/wp-content\/uploads\/2026\/10\/Top-5-Upcoming-IPOs-1.jpg","width":1170,"height":658},{"@type":"BreadcrumbList","@id":"https:\/\/flattrade.in\/kosh\/top-5-upcoming-ipos-in-india-phonepe-zepto-boat-oyo-kent-ro-everything-investors-need-to-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/flattrade.in\/kosh\/"},{"@type":"ListItem","position":2,"name":"Top 5 Upcoming IPOs in India: PhonePe, Zepto, boAt, OYO &#038; KENT RO &#8211; Everything Investors Need to Know"}]},{"@type":"WebSite","@id":"https:\/\/flattrade.in\/kosh\/#website","url":"https:\/\/flattrade.in\/kosh\/","name":"Flattrade Kosh","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/flattrade.in\/kosh\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/flattrade.in\/kosh\/#\/schema\/person\/4abc93838bc7642e3e445b74cd627dc2","name":"Prashant Gorhe","sameAs":["http:\/\/prashantgorhe.com","https:\/\/www.instagram.com\/prashant_gorhe\/","https:\/\/www.linkedin.com\/in\/prashantgorhe\/","https:\/\/x.com\/GorhePrashant"],"url":"https:\/\/flattrade.in\/kosh\/author\/prashant\/"}]}},"_links":{"self":[{"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/posts\/53824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/comments?post=53824"}],"version-history":[{"count":0,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/posts\/53824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/media\/53858"}],"wp:attachment":[{"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/media?parent=53824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/categories?post=53824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flattrade.in\/kosh\/wp-json\/wp\/v2\/tags?post=53824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}