Zepto posted a massive uptick in revenue for FY23, but losses also spiked for the quick commerce firm during the period.
The Mumbai-based company's topline grew over 14 times to Rs 2,024 crore for the financial year ended March 2023, compared to Rs 142.4 crore a year earlier.
However, its loss widened over three times to Rs 1,272 crore in FY23 from Rs 390.4 crore in FY22.
“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," Co-Founder and Chief Executive Officer Aadit Palicha said.
In August, Zepto raised a $200 million round at a $1.4 billion valuation, becoming India's first unicorn of 2023. Palicha had then told BQ Prime that Zepto aims to be fully Ebitda positive in 12 to 15 months.
"We've reduced burn significantly and a majority of our dark stores are profitable. Our sales are also growing about 300% year-on-year," he had said, adding that Zepto is also likely to achieve $1 billion in annualised sales within the next few quarters.
He added that it is the company's clear ambition to go public in early 2025. "We should definitely be profitable by then and we're confident we'll have a successful public listing. The IPO will provide a partial exit for some of our investors, as well as growth capital for us."
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