Quick commerce platform Zepto reported a sharp jump in scale during FY25, even as losses widened significantly, reflecting aggressive investments in expansion ahead of its planned stock market debut.
According to the company’s audited financial statements, Zepto’s total sales, including other income, rose 129% year-on-year to ₹9,668.8 crore in FY25, compared with ₹4,223.9 crore in FY24. However, the company’s net loss widened to ₹3,367.3 crore, up from ₹1,214.7 crore in the previous fiscal, as competition in India’s fast-growing quick commerce market intensified.
The widening losses were driven by continued spending on dark store expansion, logistics capacity, technology, and customer acquisition, as Zepto sought to strengthen its market position against rivals such as Blinkit and Instamart. Competitive pressure remained elevated through FY25 and has extended into the early months of FY26, industry executives said.
The financial update comes as the Aadit Palicha-led company moves closer to an initial public offering (IPO). Zepto is expected to confidentially file its draft red herring prospectus (DRHP) this week, marking a key step toward listing on Indian stock exchanges. The company has also converted into a public limited entity in preparation for the IPO.
Ahead of the filing, Zepto shareholders approved the appointment of co-founders Aadit Palicha and Kaivalya Vohra, along with chief financial officer Ramesh Bafna, as whole-time directors at an extraordinary general meeting held on December 23.
Regulatory disclosures show that Palicha and Vohra each received ₹1.5 crore in remuneration in FY25. Under revised compensation terms, both founders will draw a fixed annual salary of ₹2.5 crore, along with perquisites such as rent and other expenses capped at ₹10 lakh per month, in addition to statutory benefits.
CFO Ramesh Bafna received total remuneration of ₹6.85 crore in FY25, including salary, bonuses, long-term incentives and other benefits, even in years of inadequate profits.
Zepto’s performance underscores the high-growth, high-burn dynamics of India’s quick commerce sector as companies prioritise scale ahead of public market scrutiny.
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