Zepto Cuts Losses, Revenue Doubles in FY24

New Delhi, Dec 13 (PTI) Quick commerce firm Zepto has marginally brought down its losses to Rs 1,248.6 crore in 2023-24 from Rs 1,272.4 crore in 202223 , as per data shared by Tofler.

The Mumbai-based firm posted a revenue of Rs 4,454 crore in FY24, more than two-fold increase from Rs 2,025 crore in the previous fiscal.

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

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

Palicha expressed optimism about continuing this momentum towards profitability and said the company is on track for a profit after tax (PAT) in the near future.

"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 exuded optimism about a possible IPO in 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 added that Zepto plans to expand its operations to more than 50 cities by 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.