What happens when someone actually reads the fine print of India's biggest consumer IPO filing?

Jayant Mundhra has built his reputation doing exactly that. In Episode 9 of सीVCism, he joins hosts Sriharsha Bandaluppi and Shashvat Somany for a conversation that starts with Zepto's DRHP and ends with the case for patient capital in India.

The Zepto section is the sharp end of it. Roughly ₹22,600 crore of revenue against losses in the ₹5,000 crore range — and average order value, arguably the metric that decides whether the business works, mentioned just twice in the whole document. Jayant explains why the top line can't be taken at face value, what his own conversations with sellers revealed about the advertising engine beneath the platform, and the question that anchors his whole analysis: if a company is going public, ...