Quick commerce aka 10 minute grocery delivery service Zepto has grown 14x in the fiscal year ending March 2023. The Mumbai-based company’s losses also surged more than three-fold during the last fiscal year.
With a 14-fold growth, Zepto registered Rs 2,024 Cr in revenue in FY23. The company posted Rs 142.36 crore revenue in FY22 with losses of Rs 390 crore. In FY23, losses widened to Rs 1,272 crore.
“We are heads down executing today. We still have a huge amount of work to do and problems to solve, but if we nail it, we will build an insanely big business,” said Aadit Palicha in a statement.
As per the company, it has significantly improved its profit after tax (PAT) margin from -277% to -63% in FY23. Zepto also said that it is on track to achieve EBITDA breakeven (excluding ESOP and other statutory non-cash line items) in another 10 months.
Zepto recently raised $200 million in a Series E funding round, valuing the company at $1.4 billion. This also made the firm India’s first unicorn of 2023. It has raised over $560 million in funding to date. Check TheKredible for the timeline and details of the funding since its inception.
The firm delivers 6,000 products across groceries, fruits, and vegetables in seven cities – Delhi-NCR, Mumbai, Bengaluru, Kolkata, Hyderabad, Pune and Chennai.
Mumbai, Bengaluru and Delhi-NCR are its top three markets in terms of sales.
Following the allotment of the Series E round, Nexus Venture remains the largest external stakeholder in the firm with around 19.98% stake. The company’s co-founders Palicha and Kaivalya Vohra along with their family collectively hold over 22.4% of the company.
