India’s coffee scene looks like it is booming with new cafes, trendy menus, and big international names. But the truth behind is that almost no one is making money.

And then came along Zepto Cafe, the 10-minute coffee delivery, that wanted to change everything. In early 2025, it was clocking 100,000 daily orders and a $100 million run rate. But just months later dozens of its locations shut down.

Why did Zepto, with its speed, scale, and infrastructure, end up like every other coffee brand in India? It all boils down to brutal economics.

But if Zepto couldn’t make coffee profitable in India, can anyone?

Tune in

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

One channel. Every show. No more switching feeds.

Follow The Ken on Apple Podcasts or tune in on The Ken app.