Quick commerce firm scales rapidly amid intensifying competition and rising costs
Quick commerce firm Zepto posted a sharp jump in revenue in the 2024–25 financial year, more than doubling its overall sales, even as losses widened substantially as the company continued to scale operations in India’s increasingly competitive instant delivery market.
According to Zepto’s audited financial statements, total sales, including other income, rose 129 per cent year-on-year to Rs 9,668.8 crore in FY25 from Rs 4,223.9 crore in FY24. Over the same period, the company’s net loss expanded 177 per cent to Rs 3,367.3 crore, compared with Rs 1,214.7 crore a year earlier, according to media reports.
In the quick commerce sector, companies typically recognise only about 15–20 per cent of gross merchandise value as reported revenue. On that basis, Zepto’s operating revenue for FY25 is estimated to be in the range of Rs 1,495 crore to Rs 1,994 crore, despite the near Rs 10,000 crore figure reflected in its total sales. By comparison, Blinkit, owned by Eternal, reported revenue of Rs 5,206 crore in FY25, while Swiggy reported revenue of Rs 2,252 crore for the year.
Loss figures across quick commerce players are not directly comparable due to differences in disclosure practices. While Zepto reports net losses at the company level, Swiggy and Eternal do not publish standalone losses for their quick commerce businesses, instead reporting adjusted earnings before interest, tax, depreciation and amortisation. In FY25, Instamart posted an adjusted Ebitda loss of Rs 2,095 crore, while Blinkit reported an adjusted Ebitda loss of Rs 292 crore. For Zepto, losses rose faster than sales, with net loss amounting to around 35 per cent of turnover in FY25, compared with about 29 per cent in the previous year.
Zepto’s FY25 performance also coincides with its preparations for a public listing. The company is set to confidentially file draft initial public offering papers on December 26, 2025. Separately, the company has appointed co-founders Aadit Palicha and Kaivalya Vohra, along with chief financial officer Ramesh Bafna, as whole-time directors following shareholder approval at an extraordinary general meeting held on December 23.
As per regulatory filings, Palicha and Vohra each received remuneration of Rs 1.5 crore in FY25. Under the approved terms, both founders will draw a fixed annual salary of Rs 2.5 crore, along with perquisites including rent and other expenses capped at Rs 10 lakh per month, in addition to statutory benefits. CFO Ramesh Bafna earned Rs 6.85 crore in FY25, with his compensation structure comprising a salary of Rs 3.85 crore per annum, along with bonuses, long-term incentives and other benefits determined by the board, including in years of inadequate profits.
