Quick commerce startup Zepto, which has raised more than $1 billion in cumulative funding this year, posted a 120% jump in its revenue for the fiscal year 2023-24, the company's co-founder said Friday.
The startup, which shifted its base to Bengaluru from Mumbai this year, recorded Rs 4,454 crores in net sales in FY24, up from Rs 2,025 crore in FY23, Aadit Palicha, who is also its CEO, said in a social media post.
Palicha also said the company’s has pared its absolute loss and that the loss after taxes as a percentage of revenue improved to -28% in FY24 from -63% in FY23. This indicates that the company’s loss narrowed to a tad below Rs 1,250 crore in FY24 from about Rs 1,273 crore the year before, back-of-the-envelope calculations show.
“We expect to continue this growth momentum with a clear path to PAT (profit after tax) profitability in the near term,” he said.
In June, the company said it had achieved $1 billion in gross merchandise value, with three-fourths of its stores clocking a positive EBITDA.
Founded by Kaivalya Vohra and Aadit Palicha, Zepto runs a network of 'cloud stores' or micro-warehouses from where it provides the home delivery of groceries and essentials within a few minutes. The three-year-old startup competes against the likes of Swiggy’s Instamart and Zomato’s Blinkit.
In its last funding round in November, the startup secured $350 million from domestic investors, including HNIs, family offices and major financial institutions. The company is also likey to see a transaction in the range of $100 million to $200 million ahead of a proposed public listing next year, VCCircle reported earlier this week.
Overall, the company has secured more than $1.3 billion from investors this year. It is valued at over $5 billion.