The results mark a high-burn scale-up year for Zepto, coming ahead of its planned IPO filing and amid rising competitive intensity in India’s quick commerce market.

Quick commerce major Zepto more than doubled its total sales in the financial year 2024–25 (FY25), even as losses expanded sharply during the year as the company continued to scale operations in India’s increasingly competitive quick commerce market.

According to Zepto's audited financials, accessed by Moneycontrol, the company reported total sales (turnover including other income) of Rs 9,668.8 crore in FY25, up 129% year-on-year from Rs 4,223.9 crore in the financial year 2023–24 (FY24). Its net loss rose 177% to Rs 3,367.3 crore, compared with Rs 1,214.7 crore a year earlier.

How does Zepto compare with Blinkit and Instamart?

In quick commerce, platforms typically recognise around 15–20% of gross merchandise value (GMV) as revenue. On that basis, Zepto’s operational revenue for FY25 is estimated to be between Rs 1,495 crore and Rs 1,994 crore, despite reporting close to Rs 10,000 crore in 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.

Are losses comparable across quick commerce players?

Loss figures across quick commerce players are not directly comparable, given differences in disclosure. While Zepto reports net loss at the company level, Swiggy and Eternal do not disclose standalone losses for their quick commerce businesses, instead reporting adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA).

In FY25, Instamart reported an adjusted EBITDA loss of Rs 2,095 crore, while Blinkit’s adjusted EBITDA loss stood at Rs 292 crore.

For Zepto, losses increased faster than sales, with net loss rising to around 35 percent of turnover in FY25, compared with about 29 percent in FY24.

Why has competitive intensity increased after FY25?

This comes at a time when competitive intensity in India’s quick commerce market has risen sharply after FY25, extending well into the first and second quarters of FY26. Major players have continued to add dark stores, ramp up delivery capacity and sustain high customer incentives, even as the market has scaled rapidly.

The pressure increased further after Zepto’s $450 million fundraise, which prompted rivals to accelerate expansion and capacity build-outs to defend market share.

As Moneycontrol reported earlier, analysts tracking the sector have said the post-FY25 period marked a new phase of heightened competition, with aggressive expansion by leading players keeping margins under strain across the category.

What are Zepto’s IPO plans and board changes?

The FY25 performance comes as Zepto moves closer to the public markets. The company is set to confidentially file draft initial public offering (IPO) papers on December 26, 2025.

Separately, Zepto has appointed its 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.

What did Zepto’s founders and CFO earn in FY25?

As per filings, Palicha and Vohra each drew remuneration of Rs 1.5 crore in FY25. Under the approved terms, both founders will receive a fixed salary of Rs 2.5 crore per annum, along with perquisites including rent and other expenses capped at Rs 10 lakh per month, and statutory benefits.

CFO Ramesh Bafna drew Rs 6.85 crore in remuneration in FY25. His approved compensation includes a salary of Rs 3.85 crore per annum, along with bonuses, long-term incentives and other benefits, as determined by the board, including in years of inadequate profits.

Source

Approximate trends across VC reports:

Higher conversion:

• B2B SaaS
• Dev tools
• Infrastructure
• Fintech (regulated but sticky)

Lower conversion:

• Consumer social
• Marketplaces (supply-demand balance hard)
• D2C brands
• Hardware-heavy startups

Markets matter more than founders admit.

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