Zepto FY24 Results: Zepto co-founder Aadit Palicha says the company is on track for a profit after tax in the near future.
Zepto FY24 Results: Quick commerce firm Zepto doubled its revenue to Rs Rs 4,454 crore in the financial year 2023-24, compared with Rs 2,025 crore in the previous year, according to data shared by Tofler. The Mumbai-based company has also reduced its losses to Rs 1,248.6 crore in 2023-24, a 1.87 per cent fall as against Rs 1,272.4 crore in 2022-23.
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“Our accounting revenue has grown 120% year-on-year from INR 2,025 Crores in FY23 to INR 4,454 Crores in FY24. Even with 120% growth, our absolute losses came down year-on-year with PAT as a % of revenue improving from -63% in FY23 to -28% in FY24. We expect to continue this growth momentum with a clear path to PAT profitability in the near term,” Zepto co-founder Aadit Palicha said in a post on LinkedIn sharing the FY24 results.
He also stated that Zepto reduced its absolute losses, with PAT (profit after tax) as a percentage of revenue improving significantly from (-)63 per cent in FY23 to (-)28 per cent in FY24.
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Palicha expressed optimism about continuing this momentum towards profitability and said the company is on track for a profit after tax (PAT) in the near future.
“Despite being only 3 years old, we were able to successfully close a full statutory audit by a Big 4 firm with no financial qualifications and a clean CARO. “This rare achievement for a young startup is the outcome of a governance-focused culture at Zepto and early decision-making that prioritized controllership excellence (like SAP FICO integration, automated revenue-to-cash reconciliation, set up of an H2H payment system, etc),” he said.
Earlier this month, Palicha in an interview with PTI exuded optimism about a possible IPO in 2025.
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“We’re willing to commit that within the next financial year, sometime in FY26 we will become a full Indian-owned company… that’s our ambition and objective, and it looks quite likely that we’re going to get there…So what I can tell you is that we will be a domestic company within the next financial year” he had said.
Palicha added that Zepto plans to expand its operations to more than 50 cities by the next quarter.
“In the next financial year, we will be PAT positive. We are quite confident and that hopefully will be a positive signal to the markets,” he had said.
