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As per data from Tofler, Zepto’s net loss marginally narrowed to ₹1,248.6 crore from ₹1,272 crore in FY23.
“Even with 120% growth, our absolute losses came down year-on-year with PAT as a % of revenue improving from -63% in FY23 to -28% in FY24,” CEO Aadit Palicha said in a LinkedIn post.
He added that Zepto expects to continue this growth momentum with a clear path to PAT profitability soon.
In a recent interview with CNBC-TV18, he indicated that Zepto will break even within the next financial year.
The company’s total expenses came in at ₹5,747 crore in FY24, up 72% from ₹3,350 crore in the previous fiscal.
“Despite being only three years old, we were able to successfully close a full statutory audit by a Big-4 firm with no financial qualifications and a clean CARO,” Palicha added in his LinkedIn post.
Blinkit, Instamart and Zepto have been battling it out in India as quick commerce sees rapid adoption and massive growth in India.
However, Zepto’s financials suggest it is much larger than the other two in revenues. Blinkit reported a revenue of ₹2,301 crore in FY24, while Swiggy reported a gross revenue of ₹1,100 crore for its quick commerce business.
While Zepto is yet to share its operational metrics, Palicha said in a recent interview that the average order value is ₹550 now. Meanwhile, Swiggy’s AOV as of the second quarter of this fiscal was ₹499, while Blinkit’s was ₹660.
Zepto is also the most funded startup in the last three years, having raised ₹1.35 billion this year alone. In a recent interview with CNBC-TV18, Palicha said that the main aim of its most recent fund-raise of $350 million was to raise its domestic ownership as it looks to hit the stock markets soon.
“We will be a fully Indian-owned company by next fiscal year,” he told CNBC-TV18.
