Quick commerce major Zepto has reported a significant widening of losses for FY25, even as its top line surged. The unicorn’s net loss ballooned 177% year-on-year to Rs 3,367.3 crore in FY25, compared to Rs 1,214.7 crore in FY24, according to audited financial statements filed with the Ministry of Corporate Affairs (MCA).
While the bottom line remains under pressure, Zepto’s growth trajectory continues to be steep. Total sales for FY25 stood at Rs 9,668.8 crore, a 129% jump from Rs 4,223.9 crore in the previous fiscal. However, it is important to note that operational revenue, as per industry standards, is typically recognised at 15-20% of gross merchandise value (GMV). This would translate to an operational revenue between Rs 1,500 crore and Rs 2,000 crore.
By comparison, Eternal-owned Blinkit, reported revenue of Rs 5,206 crore in FY25, while Swiggy’s Instamart reported revenue of Rs 2,252 crore, during the same period.
Quick Commerce Efficiency Gap
A direct comparison of the bottom line is not possible due to different reporting standards. While Zepto reports net loss at a company level, its listed peers, Swiggy and Eternal, do not seperately report net loss figures for their quick commerce businesses, limiting disclosures to adjusted Ebitda (earnings before interest, tax, depreciation, and amortisation).
On this metric, the disparity is evident. In FY25, Swiggy Instamart reported an adjusted Ebitda loss of Rs 2,095 crore, significantly wider than market leader Blinkit, which capped its adjusted Ebitda loss at Rs 292 crore for the same period.
Pre-IPO Readiness
The deepening red on Zepto’s books comes at a critical juncture as the company formally kicks off its public market journey. The company is in the process of filing its draft red herring prospectus (DRHP) confidentially with the Securities and Exchange Board of India (Sebi), targeting a primary capital raise of approximately Rs 11,000 crore ($1.3 billion), according to sources close to the development.
Separately, Zepto has appointed its Founders Aadit Palicha and Kaivalya Vohra, along with Chief Financial Officer Ramesh Bafna, as whole-time directors, following shareholder approval at an extraordinary general meeting held on December 23.
