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Quick commerce unicorn Zepto reported a sharper FY25 net loss while sales rose fast, according to audited statements filed with the Ministry of Corporate Affairs. Zepto posted a net loss of Rs. 3,367.3 crore in FY25, up 177% from Rs. 1,214.7 crore in FY24. Total sales climbed 129% to Rs. 9,668.8 crore in FY25 from Rs. 4,223.9 crore a year earlier. The filing covers the fiscal year ended March 2025.
The FY25 results arrive as Zepto starts formal IPO preparations. The company also faces intense competition from quick commerce, which continues to pressure margins.
Zepto expanded its quick commerce network during FY25 and drove higher order volumes. The company added delivery capacity and broadened product selection across key markets. The company continues to invest in faster deliveries and coverage. As a result, Zepto sales grew quickly despite weaker consumer sentiment.
However, accounting norms affect how the market reads the top line. In quick commerce, firms often recognize operational revenue at 15% to 20% of gross merchandise value. Using that range, observers estimate Zepto’s FY25 operational revenue at Rs. 1,500 crore to Rs. 2,000 crore.
Peers reported higher revenue from operations in the same fiscal year. Blinkit reported Rs. 5,206 crore in FY25 revenue, while Swiggy’s Instamart reported Rs. 2,252 crore. The figures show how scale differs across the largest quick commerce platforms. They also show how far the sector has expanded in a short period.
Zepto’s wider FY25 loss tracks higher spending across fulfillment, warehousing, marketing, and staffing. The company increased capacity to support faster deliveries and broader coverage. It also spent more on store additions and supply chain buildout. As a result, losses widened even as sales rose.
Comparing profitability across rivals remains difficult because companies report performance in different ways. Zepto reports net loss at the company level. Meanwhile, listed peers focus on quick-commerce disclosures using adjusted EBITDA. This reporting gap limits direct bottom-line comparisons across the category. Even so, adjusted EBITDA figures show a visible spread in operating efficiency.
For FY25, one peer reported an adjusted EBITDA loss of Rs. 2,095 crore for its quick commerce unit. The market leader reported an adjusted EBITDA loss of Rs. 292 crore for the same period. The difference points to varying levels of route density and cost control.
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Zepto’s board approved plans for an IPO of about Rs. 11,000 crore, according to a media report. The proposed public issue may include fresh equity and an offer for sale. The company may file its draft red herring prospectus through the confidential route.
Zepto raised $450 million in fresh funding before the IPO work. The report put the total capital raised at $2.3 billion. The round valued Zepto at around $7 billion.
Shareholders approved whole-time director roles for Aadit Palicha, Kaivalya Vohra, and CFO Ramesh Bafna. The company held the extraordinary general meeting on December 23.
