Zepto sees operating revenue increase by 120% in FY24 (#1686410)

Quick commerce business Zepto saw its operating revenue increase by 120% year on year in the 2024 fiscal year, touching Rs 4,454 crore. This more than doubling of its revenue helped the business to marginally reduce its net loss to Rs 1,249 crore in the 2024 fiscal year.

“Even with 120% growth, our absolute losses came down year on year with PAT [profits after tax] as a percentage of revenue improving from -63% in FY23 to -28% in FY24,” wrote Zepto’s chief executive and co-founder Aadit Palicha on Linkedin. “We expect to continue this growth momentum with a clear path to PAT profitability in the near term.”
 
Zepto’s losses totalled Rs 1,272 crore in the 2023 financial year, according to data from Zepto’s India based business on intelligence platform Tofler, sourced by ET Retail. The Zepto brand is run by Kiranakart Technologies Private Limited, which earns revenue from licensing the Zepto brand, business to business trading, platform advertising, and logistics.
 
Kiranakart itself is owned by Zepto’s holding company in Singapore. The business is working in shifting back to India in order to enable it to launch an initial public offering in the country if it so wishes.
 
In the 2024 financial year, Zepto spent 40% more on its marketing activities compared to in the 2023 fiscal year with a total of Rs 303 crore. The business also saw its employee costs increase by 62% to Rs 426 crore in the 2024 financial year.