Zepto FY24 revenue more than doubles to Rs 4,454 crore, losses shrink 2%

Quick commerce unicorn, Zepto saw its FY24 consolidated revenues surge by 120% to Rs 4,454, up from Rs 2,024 crore in FY23, driven by increased customer demand and operational efficiencies.

Despite the growth, net loss for the year slightly narrowed to Rs 1,249 crore, compared to Rs 1,272 crore in FY23. However, Zepto reduced its loss as a percentage of revenue from -63% in FY23 to -28% in FY24, reflecting a strong focus on cost optimisation.

Zepto’s total expenses for FY24 rose by 72% to Rs 5,747.21 crore, aligning with its ambitious expansion plans. Meanwhile, the company’s gross merchandise value (GMV) surpassed $1 billion, signaling robust business momentum.

Also Read Myntra turns profitable with Rs 30.9 crore PAT in FY24 Zaggle aims to double its revenue by FY26 Swiggy Q2 loss narrows to Rs 625.53 crore, revenue up 30.33% YoY; Instamart, Bolt see strong traction Economists cut FY25 GDP forecast after Q2 shocker

Also Read What Zepto Café needs to succeed in a new market

Around 75% of Zepto’s stores achieved Ebitda positivity as of May 2024, demonstrating operational efficiency. The company remains optimistic about sustaining its growth trajectory and achieving profitability in the near term.

In a LinkedIn post, CEO Aadit Palicha expressed confidence in the company’s future, stating, We are committed to maintaining our growth momentum and are well-positioned to achieve profitability soon”. Palicha has earlier said that the company is to go public in 2025.

Also ReadZepto raises $350 million funding in largest domestic fundraise

Zepto has raised $1.36 billion this year, the highest among all startups, from investors such as Glade Brook Capital, Nexus Venture Partners, Lightspeed India, Motilal Oswal Private Wealth, and Narotam Sekhsaria Family Office, among others, pushing its valuation up to $5 billion.

The company, which recently shifted base to Bengaluru from Mumbai, has managed to capture the second-highest market share among quick-commerce apps at 29%, according to a report by Motilal Oswal. Zomato-backed Blinkit leads the market with a 46% share while Swiggy Instamart lags Zepto with a 25% share.

Recently, Palicha announced that the company is launching Zepto Cafe, its 10-minute food delivery unit, as a separate app. The unit is already clocking 30,000 orders per day and Zepto is launching more than 100 cafes a month.

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