Quick commerce company Zepto, the first Indian unicorn of 2023, experienced a significant increase in revenue in fiscal year 2023 (FY23), despite higher losses. Zepto’s revenue grew more than 14 times to Rs 2,024 crore in the financial year ended March 2023, compared to Rs 142.4 crore the previous year. However, the company’s loss in FY23 was Rs 1,272 crore, over three times larger than the Rs 390.4 crore in the previous year.
Total expenses for Zepto in FY23 reached Rs 3,350 crore, rising over six times from the Rs 532.7 crore spent in the previous year. Employee benefit expenses increased by 80 per cent to Rs 263.4 crore, while other expenses, including supply chain-related, advertisement and software expenses, grew to Rs 1,171.4 crore.
On August 26, Zepto became the first Indian unicorn of the year after raising USD 200 million at a USD 1.4 billion valuation from investors such as StepStone Group and Goodwater Capital. Zepto aims to achieve EBITDA breakeven in ten months while continuing to grow its business.
Zepto competes with Swiggy Instamart, BlinkIt (owned by Zomato) and BBNow (owned by BigBasket) in the quick commerce sector.
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