Hyper-local delivery startup Zepto on Thursday said its losses widened 3x year-over-year in FY23 to Rs 1,272 crore. This is compared to Rs 390.4 crore worth of losses it reported in the previous financial year. At the same time, Zepto said its profit after tax (PAT) margin reduced from -277% to -63% in FY23.
Interestingly, the Mumbai-headquartered company, which began operations in 2021, actually reported a 14x increase in its revenue, which touched Rs 2,024 crore in FY23. In the previous fiscal, the quick commerce firm had reported a total revenue of Rs 142.3 crore.
The (recently turned) unicorn said it is on track to achieve EBITDA breakeven in the next 10 months “while continuing to grow the business meaningfully,” albeit excluding ESOP and other statutory non-cash line items.
“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,” chief executive Aadit Palicha said in a press statement.
In August this year, Zepto became one of the few unicorns created in the country in 2023, amid a funding drought, after raising $200 million in a Series E round of funding at a valuation of $1.4 billion. It had said at the time that it will utilise these funds to become profitable in the next 12-15 months.
Till date, Zepto has raised $566.5 million through six funding rounds and 15 investors including Nexus Venture Partners, Y-Combinator and California-based Goodwater Capital, according to data by Crunchbase.
Published 26 October 2023, 19:58 IST