Zepto’s Impressive Growth in Gross Order Value
Quick commerce unicorn Zepto has announced a remarkable increase in its annualised gross order value (GOV), achieving a total of $3 billion (approximately Rs 24,500 crore) within just eight months. This significant leap follows the $1 billion milestone it reached in April of the previous year, as reported in a note by Goldman Sachs research.
Financial Performance for FY24
For the fiscal year 2024 (FY24), Zepto’s revenue saw a twofold increase, amounting to Rs 4,454 crore, up from Rs 2,025 crore in the preceding fiscal year. Aadit Palicha, co-founder and CEO of Zepto, credited this success to the execution, rigor, and discipline exhibited by the Zepto team. He is confident that this growth momentum will persist, and he sees a clear pathway toward profitability in the near future.
Company Overview
Established in July 2021 by Palicha and Kaivalya Vohra, Zepto provides grocery and essential item deliveries within a swift 10-minute timeframe through its network of dark stores. The company currently operates 750 dark stores and competes against notable players such as Swiggy Instamart, Blinkit, Flipkart Minutes, and Tata Bigbasket.
IPO and Strategic Plans
Zepto is progressing towards its anticipated initial public offering (IPO) this year, having engaged Goldman Sachs, Morgan Stanley, and Axis Capital as its financial advisors. As part of its IPO preparations, the company intends to enhance domestic shareholding and reduce foreign investor stakes, with plans to raise over $500 million through the public offering.
Leadership Expansion
Furthermore, Zepto has appointed Shashank Shekhar Sharma as CXO for Zepto Café, where he will oversee operations, expansion, equipment procurement, quality control, and customer experience.
Regulatory Approvals
Zepto has recently obtained approval for its reverse restructuring from Singapore to India as the company gears up for its public debut later this year.
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