Zepto co-founder Aadit Palicha denied Zomato Ltd. Chief Executive Officer Deepinder Goyal's claim that the former contributed to the most cash burn in the quick commerce space, saying it was "verifiably untrue".
Goyal had stated that quick commerce firms collectively burn Rs 5,000 crore every quarter, with Zepto accounting for "substantially more than half" of this amount.
In an Economic Times interview, Goyal claimed that Zomato-owned Blinkit's burn rate was significantly lower, at around Rs 35 crore per month last quarter, while Zepto burned Rs 2,200–2,300 crore during the same period.
Responding on LinkedIn, Palicha dismissed Goyal's claim, adding that Zepto's actual financials would become clear when the company publicly files its statements.
He acknowledged Goyal's influence on the Indian startup ecosystem and described him as a "role model". but suggested the remark could have been an "honest mistake". He also declined further comments to avoid a prolonged public exchange.
A Citi Research report from Feb. 10 estimated Blinkit's market share at 41%, followed by Swiggy Instamart at 23%, with Zepto likely at par or higher than Instamart.
IPO Plans
As the only independent player in India's quick commerce sector, Zepto has raised over $1.3 billion in the past year and is gearing up for a 2025 IPO.
In January, Chief Financial Officer Ramesh Bafna announced the completion of the company's reverse merger, shifting its parent entity, Kiranakart Pte., from Singapore to India.
Zepto is reportedly in advanced stages to file its draft papers with the Securities and Exchange Board of India by March or April. If successful, it could become the first publicly listed quick commerce company, marking a significant milestone in India's startup ecosystem.
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