Zepto triples annualised GOV to $3B in eight months ahead of IPO
Zepto's revenue for FY24 increased by two-fold to Rs 4,454 crore, from Rs 2,025 crore earned in the previous fiscal year.
Quick commerce unicorn has tripled its annualised gross order value (GOV) to $3 billion (Rs~24,500 crore) within just eight months, the company has announced.
This is a significant jump from the $1 billion milestone in annualised GOV it reached in April last year, according to a Goldman Sachs research note.
Zepto's revenue for FY24 increased by two-fold to Rs 4,454 crore, from Rs 2,025 crore earned in the previous fiscal year.
Aadit Palicha, Co-founder and CEO of Zepto, attributed this achievement to the execution, rigour, and discipline of the Zepto team. He expressed confidence that this momentum will continue, with a clear path toward profitability in the near term.
Founded in July 2021 by Palicha and Kaivalya Vohra, Zepto delivers groceries and essentials within 10 minutes via dark stores.
With 750 dark stores, the company competes with players like Instamart, Blinkit, Flipkart Minutes, and Tata . Zepto is on track for its planned IPO this year and has appointed Goldman Sachs, Morgan Stanley, and Axis Capital as bankers.
As part of its pre-IPO preparations, it is boosting domestic shareholding while reducing foreign investor stakes, aiming to raise over $500 million through the public offering.
It appointed Shashank Shekhar Sharma as CXO for Zepto Café to oversee operations, expansion, equipment procurement, quality control, and customer experience.
Zepto recently received the green light for its reverse flip to India from Singapore as it gears for a public debut later this year.
Edited by Kanishk Singh