Zepto, the quick-commerce startup, incurred a total loss of Rs 390.4 crore in financial year (FY) 2022, on a standalone basis, its first year of operations. The Mumbai-based startup generated a total revenue of Rs 142.4 crore in FY22, its regulatory filings showed. Its revenue from operations stood at Rs 140.7 crore.
The Y Combinator-backed startup’s total expenses amounted to Rs 532.7 crore in the financial year. Zepto spent Rs 213.2 crore to purchase its stock-in-trade in the financial year while its advertising and promotional expenses stood at Rs 175.6 crore. Zepto’s employee benefit expenses amounted to Rs 50.3 crore in FY22.
Zepto operates dark stores or micro fulfilment centres in about 10 cities delivers groceries to customers. The company had earlier said it was adding about 0.1 million users every day.
The soonicorn competes with other quick-commerce companies like Zomato-owned Blinkit, Reliance Retail-backed Dunzo and SoftBank-backed Swiggy’s Instamart.
Dunzo saw its total revenue go up to Rs 67.7 crore in FY22 against Rs 29.4 crore in the preceding fiscal, while its consolidated losses in FY22 jumped to Rs 464 crore from Rs 229 crore in FY21 and expenses doubled to Rs 532 crore. Blinkit, on the other hand, reported a loss of Rs 1,019 crore in FY22 as against Rs 381.7 crore in FY21, its revenue from operations meanwhile grew 18% year-on-year (y-o-y) to Rs 236.3 crore in FY22. Blinkit’s expenses more than doubled y-o-y to Rs 1,262.3 crore.
Founded by Aadit Palicha and Kaivalya Vohra in April 2021, Zepto has so far raised over $360 million from investors like Nexus Venture Partners and Glade Brook Capital and is valued at $900 million. Its valuation more than doubled to $570 million during its Series C round and surged to $900 million after its Series D round.