Quick commerce major Zepto posted an impressive revenue growth in FY25, registering a near 1.5x jump in topline. According to regulatory filings, the company recorded revenues of ₹11,109.9 crore, up sharply from ₹4,454.5 crore in FY24.
The filings were disclosed by Mumbai-based NBFC Elcid Investments, which has invested ₹7.5 crore in Zepto’s ongoing funding round.
As part of the investment, Elcid will subscribe to 22,55,639 compulsorily convertible preference shares at a price of ₹733.23 per share, increasing its holding in Zepto to 0.039% on a fully diluted basis.
A Zepto spokesperson confirmed that Elcid was already on the company’s cap table from an earlier domestic round. The company also clarified that its valuation remains above $5 billion despite the relatively small investment.
The latest infusion from Elcid comes at a time when Zepto is finalising a $500 million secondary funding round led by Motilal Oswal Private Wealth at a steady $5 billion valuation.
The round has attracted several high-profile domestic investors, including:
Motilal Oswal and Raamdeo Agrawal (in their personal capacities)
Sachin Tendulkar
Abhishek Bachchan
Zepto’s founders are also participating in this round, aimed at increasing Indian ownership ahead of its planned IPO next year. Currently, over 40% of Zepto’s shareholding is domestic.
After the secondary round is completed, Zepto is expected to launch a $450-500 million primary funding round. The fresh round will likely be backed by existing investors General Catalyst and Avenir Growth and could push the company’s valuation to $6-7 billion—a nearly 40% jump from the current level.
While General Catalyst and Avenir are expected to lead the round, other investors may also participate on a pro-rata basis. The primary round is anticipated to close by the end of August.
Although domestic shareholding may temporarily dip to around 35% after the foreign-led primary round, Zepto remains committed to crossing the 50% Indian ownership threshold before it goes public.
Zepto’s strong revenue performance comes amid intense competition in the quick commerce market. Swiggy reported a revenue increase to ₹15,623 crore in FY25, up from ₹11,634 crore the previous year, while Eternal (the parent company of Zomato and Blinkit) posted ₹21,320 crore, up from ₹12,961 crore in FY24.
Although Zepto’s net loss figures for FY25 have not yet been disclosed, the company had reported a ₹1,249 crore loss in FY24.
In April 2025, CEO Aadit Palicha stated that Zepto was nearing $4 billion in annualised gross order value (GOV), representing 300% growth over the past year. He also highlighted that the company had successfully halved its EBITDA and operating cash burn, reflecting stronger operational efficiencies.
Zepto currently holds a 26% market share in India’s quick commerce sector, trailing Blinkit (41%) and Swiggy Instamart (27%), according to JM Financial data.
With strong revenue growth, ambitious funding plans, and a focus on increasing Indian ownership, Zepto is well-positioned to expand its footprint and prepare for its much-anticipated IPO.