Quick commerce unicron startup saw its revenue from operations jump to ₹2,024 crore in FY23, according to the company’s statement.
The company’s total expenses increased from ₹533 crore in FY22 to ₹3,350 crore during FY23. The mounting expenses also resulted in Zepto’s losses widening 3X to ₹1,272 crore in FY23.
New outlets
In the whole of FY23, Zepto opened about 100 new stores, mostly in existing locations, as it saw more customers coming on to its platform.
The monthly cash burn trending lower meant that Zepto was on track to turn positive on an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) basis (excluding ESOP and other statutory non-cash line items) in 10 months from now.
“We are heads down executing today. We still have a huge amount of work to do and problems to solve, but if we nail it, we will build an insanely big business,” said co-founder and CEO, Aadit Palicha.
Fundraise
Recently, Zepto has raised $200 million in a Series E round of funding at a valuation of $1.4 billion, making the online grocery company India’s first unicorn of 2023.
The fundraise was led by US private market investor StepStone Group, which also made its first direct investment in an Indian company. Goodwater Capital, a California-based consumer-focused venture capital firm, joined as a new investor. Existing investors such as Nexus Venture Partners, Glade Brook Capital, and Lachy Groom also took part in the round.
“The company’s focus is finding innovative new ways to delight customers, from perfecting new categories, revamping the buying experience, and taking delivery times to the next level.” it said in a statement.
Other competitors like Swiggy and Dunzo are yet to file their FY23 financials.