Aadit Palicha wrote that the statement was ‘verifiably untrue’ and that it will be clear when Zepto will publicly file its financial statements
After Zomato’s Chief Executive Officer (CEO) Deepinder Goyal claimed that quick commerce companies were burning around Rs 5,000 crore in cash each quarter, with Zepto reportedly accounting for more than half of that amount, now Aadit Palicha, the CEO of Zepto has corrected the statement through a LinkedIn post.
Palicha wrote that the statement that Goyal stated in an interview with a leading media house was ‘verifiably untrue’ and that it will be clear when Zepto will publicly file its financial statements. Palicha added that the quote could have been an honest mistake.
“In an Economic Times article today, Deepinder Goyal – whom I deeply respect as an entrepreneur – made an inaccurate statement about Zepto. His words were that quick commerce was burning 5,000 crore per quarter of which “substantially more than half of this is by Zepto” – implying that we are losing substantially more than 2,500 crore per quarter,” Palicha wrote in his LinkedIn post.
However, Palicha stated that Goyal has become a role model for the Indian startup ecosystem and the intention is to build the country’s startup ecosystem together in good-faith and build a world-class product for the Indian consumer.
Palicha wrote, “Deepinder started Zomato when I was 5 years old and he has become a role model for the Indian startup ecosystem. I have personally read all of his blogs and it’s a privilege to learn from and compete with Zomato. Our genuine intention is to build the Indian startup ecosystem together in good faith, and build a world-class product for the Indian consumer.”
