Rapid commerce unicorn Zepto more than doubled its accounting revenue as it projected a clear path to profitability in the near term.
Zepto, which competes with Zomato’s Blinkit and Swiggy’s Instamart, earned Rs 4,454 crore in accounting revenue in FY24 as against Rs 2,025 crore in the previous year, according to a LinkedIn post shared by co-founder and CEO Adit Palicha.
The company managed to control its absolute losses, as PAT (Profit After Tax) improved from -63% to -28% during the same period.
“We expect PAT to continue this growth momentum with a clear path to profitability in the near term,” Post said.
This comes days after the company announced its latest bet, Zepto Cafe, is expected to spin off into another app.
Zepto Cafe, which offers over 148 items including freshly brewed tea, coffee, all-day breakfast, pastries and delicious snacks, is currently targeting revenue of Rs 1,000 crore by 2026.
The company had earlier said that it has crossed Rs 1,000 crore in annual ad revenue, which is Rs 83 crore per month.
In calendar year 2024, the company raised around $1.35 billion in three funding rounds from domestic and international investors.