Zepto’s FY24 Revenue More Than Doubles To INR 4,454 Cr

Quick commerce unicorn Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24), on the back of growing popularity of quick commerce. The startup’s operating revenue jumped 120% during the year under review from INR 2,025.70 Cr in FY23.

Despite the surge in its top line, it managed a slight reduction in its loss on the back of improvement in margins. Zepto’s net loss declined 2% to INR 1,248.64 Cr from INR 1,271.84 Cr in FY23.

Loss as a percentage of its revenue dropped to 28% in FY24 from 63% in FY23, cofounder and CEO Aadit Palicha said in a post on LinkedIn. “We expect to continue this growth momentum with a clear path to PAT profitability in the near term,” he added. 

Including an other income of INR 44.1 Cr, total income during the fiscal stood at INR 4,498.57 Cr.

Founded in 2021 by Palicha and Kaivalya Vohra, Zepto provides 10-minute deliveries of a wide range of products like groceries, packaged foods, ready-to-eat food, daily essentials and electronics.

Zepto was on a fundraising spree in 2024, bagging a total funding of over $1.3 Bn in three tranches. After raising $665 Mn in June, the quick commerce giant raised $340 Mn in August, and another $350 Mn in November. 

Armed with a warchest of over $1 Bn, Zepto is currently working on making all of its 550 dark stores profitable. In November, it claimed that its gross merchandise volume (GMV) crossed the $1 Bn mark and nearly 75% of its dark stores achieved full EBITDA positivity in FY24.

Meanwhile, competition in the quick commerce space continues to intensify. While Zepto trails Zomato’s Blinkit, Swiggy’s Instamart is just behind it in terms of market share. Besides, new entrants like Amazon and Flipkart will further increase the competition. 

Where Did Zepto Spend In FY24?

In line with the increase in its top line, Zepto’s expenses also increased exponentially. The startup spent INR 5,747.21 Cr in FY24, up 72% from INR 3,350.09 Cr in the previous fiscal year. 

Purchase Of Stock In Trade: This was Zepto’s biggest expense in the fiscal. The startup spent INR 3,449.83 Cr on purchasing goods, up 77% from INR 1,953.03 Cr it spent last year. 

Employee Expenses: Zepto spent INR 426.30 Cr on its workforce, a 62% increase from INR 263.45 Cr in the last fiscal.

Warehousing Cost: Spending under the head stood at INR 492.65 Cr, up 43% from INR 344.79 Cr in FY23.

Ad Expenses: The quick commerce major spent INR 303.55 Cr on advertising and promotion in FY24, an increase of 41% from INR 215.82 Cr in FY23.