Quick-commerce company Zepto has reported a significant widening of losses, totaling Rs 1,272 crore in FY 2022-23, compared to Rs 390.3 crore in the previous fiscal year.
However, the company's revenues from operations increased 14-fold to reach Rs 2,024 crore during the same period. Despite this, total expenses soared to Rs 3,350 crore, with a considerable portion spent on stock-in-trade and employee benefits.
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Interestingly, Zepto managed to improve its profit after tax (PAT) margin from 277% in FY22 to 63% in FY23 and remains on track to achieve EBITDA breakeven in the near future. The company's growth, including profitable dark stores, has been remarkable, leading to its unicorn status with a valuation of $1.4 billion after raising $200 million in a recent funding round led by the StepStone Group.
Zepto competes with industry giants like Swiggy, Instamart, and Blinkit.