Zepto Reduces Loss to Rs 1,248.6 Cr in FY24, Revenue Doubles to Rs 4,454 Cr

Marginally the losses of quick commerce firm Zepto have been reduced to Rs 1,248.6 crore in FY2023-24 from Rs 1,272.4 crore in FY 2022-23, data presented by Tofler show

The Mumbai headquartered company has posted a revenue of Rs 4,454 crore in FY24 that's nearly two-fold increase over the previous fiscal Rs 2,025 crore.

Zepto co-founder Aadit Palicha took to LinkedIn to share the results.

"Zepto reduced its absolute losses, with PAT as a percentage of revenue improving considerably from -63 per cent in FY23 to -28 per cent in FY24," he wrote.

Palicha was optimistic that such a trend would be carried on to profitability and felt the company was well poised to look at profit after tax PAT in the near term.

"Despite being only 3 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. "This rare achievement for a young startup is the outcome of a governance-focused culture at Zepto and early decision-making that prioritized controllership excellence (like SAP FICO integration, automated revenue-to-cash reconciliation, set up of an H2H payment system, etc)," he said.

Earlier this month, Palicha in an interview with PTI sounded upbeat over the prospect of an IPO by 2025.

"We're willing to commit that within the next financial year, sometime in FY26 we will become a full Indian-owned company. that's our ambition and objective, and it looks quite likely that we're going to get there.So what I can tell you is that we will be a domestic company within the next financial year" he had said.

Palicha said that Zepto will increase its operations to more than 50 cities in the next quarter.

"In the next financial year, we will be PAT positive. We are quite confident and that hopefully will be a positive signal to the markets," he had said.