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Zepto’s FY23 Revenue Soars 14-Fold to Rs 2,024 Crore, Losses Triple

Zepto, the quick commerce pioneer known for its 10-minute grocery delivery service, has witnessed remarkable growth in the fiscal year ending March 2023. However, this expansion was accompanied by a significant increase in losses for the Mumbai-based company. Zepto Revenue

In FY23, Zepto achieved an astounding 14-fold increase in revenue, reaching Rs 2,024 crore. This marks a substantial improvement from the Rs 142.36 crore in revenue recorded in FY22, which was coupled with losses of Rs 390 crore. Unfortunately, in the same fiscal year, the losses widened considerably, amounting to Rs 1,272 crore.

Aadit Palicha, a company representative, acknowledged the challenges and opportunities Zepto faces, stating, “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 has also reported a noteworthy improvement in its profit after tax (PAT) margin, reducing it from -277% to -63% in FY23. The company is determined to reach EBITDA breakeven within the next 10 months, excluding ESOP and other statutory non-cash line items.

In a recent Series E funding round, Zepto secured $200 million in investment, valuing the company at $1.4 billion. This achievement made Zepto India’s first unicorn of 2023, bringing their total funding to over $560 million. For detailed information on the funding timeline and specifics since its inception, you can refer to TheKredible.

Zepto specializes in delivering a wide range of 6,000 products, including groceries, fruits, and vegetables, across seven major cities: Delhi-NCR, Mumbai, Bengaluru, Kolkata, Hyderabad, Pune, and Chennai. Among these, Mumbai, Bengaluru, and Delhi-NCR rank as the top three markets in terms of sales.

After the Series E round allocation, Nexus Venture retains its position as the largest external stakeholder in the company, with a stake of approximately 19.98%. The company’s co-founders, Palicha and Kaivalya Vohra, along with their family, collectively hold over 22.4% of the company.

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