Zepto’s revenue surges 1,339% in FY23, losses widen 3X to Rs 1,272 crore

New Delhi: Quick e-commerce grocery delivery platform Zepto has clocked an impressive 1,339 per cent revenue growth (year-on-year) in FY23, while its losses also widened significantly from the previous fiscal year.

In its second year since launching its first dark store in Mumbai, Zepto’s revenue has grown 14 times to Rs 2,024 crore (from Rs 142.36 crore in FY22), while losses widened by three times to Rs 1,272 crore -- from Rs 390 crore in FY22.

The company improved its profit after tax (PAT) margin from -277 per cent to -63 per cent in FY23, according to its regulatory filing.

"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," Zepto Co-founder and CEO, Aadit Palicha, said in a statement on Thursday.

Zepto said it is on track to achieve EBITDA break-even (exclusive ESOP and other statutory non-cash line items) in 10 months while continuing to grow the business meaningfully.

In August, the firm raised $200 million in a Series E funding round, valuing the company at $1.4 billion and making it India's first unicorn of 2023.

The fundraise brought in new investors, with the StepStone Group leading the round. US-based Goodwater Capital joined the round as a new investor. Existing investors like Nexus Venture Partners, Glade Brook Capital, Lachy Groom and more, doubled down in Zepto with meaningful follow-on investments.

Founded in July 2021, Zepto recently said it plans to go public in the next 2-3 years. The platform was recently ranked No 1 on India’s ‘Top Startups List 2023’ by the professional networking platform LinkedIn.