Mumbai: Quick-commerce company Zepto saw its losses increase sharply in the financial year 2024-25, even though its business grew rapidly.
The company’s sales more than doubled, rising 129% to ₹9,668.8 crore in FY25, compared to ₹4,223.9 crore the previous year. However, this fast growth came at a high cost. Zepto’s losses jumped 177% to ₹3,367.3 crore, up from a loss of ₹1,214.7 crore in FY24.

The main reason for the higher losses is heavy spending. Zepto is investing aggressively to expand its operations by opening more dark stores, improving delivery speed, and offering discounts to attract and retain customers. Competition in the quick-commerce space has become extremely intense, forcing companies to spend more to stay relevant.
In FY25, Zepto’s losses were about 35% of its total sales, compared to 29% in FY24. It’s also important to note that in the quick-commerce business, companies usually count only 15–20% of the total value of goods sold as actual revenue. Based on this, Zepto’s real operating revenue is estimated to be between ₹1,495 crore and ₹1,994 crore, even though its reported sales were close to ₹10,000 crore.

The pressure hasn’t eased since then. Competition continued to heat up in the first and second quarters of FY26, with rival companies rapidly expanding their delivery networks and offering bigger incentives to customers.

Things became even more competitive after Zepto raised $450 million in funding, which pushed other players to speed up their own expansion plans to protect market share. Industry analysts say this aggressive growth phase has kept profits under pressure, despite strong demand for quick-delivery services.

All this comes at a crucial time for Zepto, as the company is preparing to enter the stock market. Zepto plans to confidentially file its draft IPO papers on December 26.
The company has also made important leadership changes. Founders Aadit Palicha and Kaivalya Vohra, along with CFO Ramesh Bafna, have been appointed as full-time directors after receiving shareholder approval at a meeting held on December 23.