Quick commerce platform, Zepto reported a revenue of Rs 11,109.9 crore in FY25, a near 1.5x jump from the Rs 4,454.5 crore it posted in FY24. The numbers were disclosed in a regulatory filing by Mumbai-based NBFC Elcid Investments, which is investing Rs 7.5 crore in Zepto’s ongoing funding round. Elcid’s move will increase its holding to 0.039% on a fully diluted basis, as it will subscribe to 22,55,639 compulsorily convertible preference shares priced at Rs 733.23 apiece.
A Zepto spokesperson confirmed that Elcid was already on the cap table from an earlier domestic round, and its stake has now been slightly bumped up. The company maintained that its valuation remains north of $5 billion with this investment.
New investors, bigger ambition ahead of IPO
This fresh infusion comes as Zepto finalises an extended $500 million secondary funding round led by Motilal Oswal Private Wealth at a steady $5 billion valuation. Several high-profile domestic investors have joined the round, including Motilal Oswal and Raamdeo Agrawal in their personal capacities, as well as Sachin Tendulkar and Abhishek Bachchan. Zepto’s founders are also participating, with the round aimed at pushing up Indian ownership ahead of a planned IPO next year. The company currently has over 40% domestic ownership.
Once the secondary round wraps, Zepto is expected to launch a $450-500 million primary funding round, primarily backed by existing investors General Catalyst and Avenir Growth. The round could value the company between $6-7 billion, roughly a 40% bump from the last round. While General Catalyst and Avenir are set to lead, other investors may join on a pro-rata basis. That round is likely to close by the end of August. Despite domestic shareholding potentially dipping to around 35% after the foreign-led primary round, Zepto remains committed to crossing the 50% Indian ownership threshold before it goes public.
Holding steady in a competitive quick commerce race
The company’s surge in revenue comes against a fiercely competitive backdrop. Swiggy grew its topline to Rs 15,623 crore in FY25 from Rs 11,634 crore a year earlier, while Eternal, the parent of Zomato and Blinkit, reported Rs 21,320 crore in revenue, up from Rs 12,961 crore. While Zepto’s FY25 net loss figures haven’t been disclosed, it had reported a Rs 1,249 crore loss in FY24.
In April, CEO Aadit Palicha claimed Zepto was nearing $4 billion in annualised gross order value, a 300% growth over the past year, and had halved its Ebitda and operating cash burn. The company holds a 26% market share in the quick commerce segment, trailing Blinkit (41%) and Swiggy Instamart (27%), per JM Financial.