IANS | 27 Oct, 2023
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.
