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Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25

EntrackrEntrackr · 5m ago
Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25
Medial

Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25 Quick commerce unicorn Zepto clocked Rs 11,110 crore (nearly $1.3 billion) in turnover in FY25, a sharp 150% jump from Rs 4,454 crore in FY24, according to regulatory filings reviewed by Entrackr. Zepto’s FY25 performance comes on the back of aggressive execution and disciplined expansion. According to earlier Aadit Palicha’s post, the company was at $3 billion in annualized gross order value (GOV) and halved its losses over the last year. In FY24, Zepto incurred losses of Rs 1,248 crore on revenue of Rs 4,454 crore. That means the startup spent Rs 1.29 to earn every Rs 1 of revenue in FY24, a figure it has reportedly improved in FY25 with better unit economics, higher fill rates, and stronger contribution margins. We are not comparing Zepto's FY25 numbers with Instamart and Blinkit due to differences in their business models and accounting practices. However, the NOV (net order value) of Blinkit stood at Rs 22,731 crore in FY25, while Swiggy’s quick commerce biz Instamart GOV was recorded at Rs 14,600 crore in the same period. Zepto's founder Aadit Palicha did not comment on the story. As per a recent report, Zepto is in talks to raise $500 million at a potential $7 billion valuation, a significant jump from its previous valuation of $5 billion when it raised $350 million in November 2024. The fresh round is expected to bolster Zepto’s runway ahead of a potential IPO in 2026, as the company pushes toward EBITDA break-even in the next 12–15 months.

Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen

EntrackrEntrackr · 1m ago
Wakefit posts Rs 1,274 Cr revenue in FY25; losses widen
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Home and sleep solutions brand Wakefit recorded nearly 30% year-on-year growth during the fiscal year ending March 2025. However, its net losses doubled in the same period even as it gears up for its IPO. Wakefit’s revenue from operations rose to Rs 1,274 crore in FY25 from Rs 986 crore in FY24, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand offering sleep and home solutions, including mattresses, pillows, furniture, and home improvement products. These are sold through its website, offline stores, and third-party marketplaces. Revenue from product sales forms the company’s sole source of operating income. The firm also earned Rs 31 crore from interest on deposits and profit from the sale of investments, taking its total income to Rs 1,305 crore in FY25, up from Rs 1,017 crore in FY24. The cost of materials consumed accounted for 43% of total expenses, which increased to Rs 573 crore in FY25. Employee benefit expenses grew 23% to Rs 166 crore, while legal, advertising, IT, postage, and other overheads pushed total expenditure up 29.8% to Rs 1,340 crore. The increase in advertising, postage, and employee costs widened Wakefit’s net loss to Rs 35 crore, against Rs 15 crore in FY24. Despite this, the company remained EBITDA positive at Rs 59.5 crore during the year. Its ROCE and EBITDA margin stood at 4.67% and -5%, respectively. By the end of FY25, Wakefit’s total current assets were valued at Rs 537 crore, while it spent Rs 1.05 to earn a rupee of operating revenue. Last month, the company received SEBI approval for its IPO, which includes a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Founders Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to partially offload their holdings through the public issue.

BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines

EntrackrEntrackr · 5m ago
BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines
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BigBasket’s financial performance deteriorated in FY25, with its core B2C unit posting a steep rise in losses even as overall revenue declined. The platform, backed by Tata Digital, continues to face pressure on multiple fronts, from quick commerce rivals to evolving consumer expectations. According to Tata Sons’ FY25 annual report, Innovative Retail Concepts, which runs BigBasket’s consumer-facing business, saw its operating revenue shrink by 2.7% to Rs 7,673.4 crore from Rs 7,885 crore in FY24. At the same time, its loss widened sharply to Rs 1,850 crore, compared to Rs 1,267 crore in the previous fiscal year, marking a 46% year-on-year increase. The red ink highlights the cost burden BigBasket is incurring as it attempts to reposition itself from a scheduled grocery delivery service to a quick commerce platform. Increased spending on warehousing, logistics, discounting, and customer retention likely contributed to the widening losses. In contrast, Supermarket Grocery Supplies, the company’s B2B arm which handles procurement and backend operations, recorded a 6.9% drop in its revenue to Rs 2,227 crore in FY25, compared to Rs 2392 crore in FY24. However, its losses narrowed down to Rs 102 crore in FY25 from Rs 128 crore in FY24. The two entities cumulatively clocked Rs 9,900 crore in revenue in FY25 from over Rs 10,277 crore in the previous year ended March 2024. More importantly, losses across both businesses totaled Rs 1,952 crore, marking a significant deterioration from FY24’s performance. The performance slide comes despite years of strategic restructuring. BigBasket has merged BB Daily into its core app, launched its quick commerce vertical BB Now, and initiated backend tech and supply chain upgrades. However, execution delays, coupled with the rapid scale of Blinkit, Instamart, and Zepto, have left it lagging in the under-30-minute grocery race. Tata Digital, which acquired a majority stake in BigBasket in 2021, continues to support the business, holding an 84.23% stake. But with losses now deepening and growth stagnating, the platform’s transition into a sustainable quick commerce engine appears far from complete. As demand shifts towards instant delivery, BigBasket’s ability to stem its B2C bleed while maintaining backend stability will determine whether it can claw back relevance in one of India’s most competitive internet categories.

Qure.ai’s losses widen 87% to Rs 90 Cr in FY25

EntrackrEntrackr · 2m ago
Qure.ai’s losses widen 87% to Rs 90 Cr in FY25
Medial

Qure.ai, a Mumbai-based healthtech startup leveraging artificial intelligence for radiology solutions, saw its losses nearly double in the fiscal year ending March 2025, even as it clocked steady revenue growth. Qure.ai’s operating revenue grew 24.5% to Rs 175.5 crore in FY25 from Rs 141 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 86% of the company’s operating revenue, increasing by 23% to Rs 151 crore. The remaining revenue was generated from the sale of healthcare products. Geographically, the company continues to derive the bulk of its revenue from overseas markets. Revenue from outside India surged 39.6% to Rs 174 crore, forming over 99% of Qure.ai’s topline. Revenue from India, however, fell sharply by 80% to Rs 1.3 crore in FY25. In line with many tech and AI-driven companies, employee benefit expenses made up nearly 48% of overall costs, increasing to Rs 133 crore in FY25 from Rs 109 crore in FY24. Legal and professional fees climbed to Rs 37 crore, while cloud computing charges nearly doubled to Rs 18 crore. Depreciation also spiked to Rs 22 crore from Rs 12 crore a year earlier. Overall, Qure.ai’s total costs rose 39% to Rs 279 crore in FY25 from Rs 201 crore in FY24. Due to the company’s cost outpacing revenue growth, Qure.ai’s loss increased by 87.5% to Rs 90 crore in FY25 from Rs 48 crore in FY24. Its ROCE and EBITDA margin stood at -20.99% and -45.30% respectively. On a unit basis, the company spent Rs 1.59 to earn a rupee of operating revenue in FY25. The Mumbai-based company reported current assets worth Rs 406 crore in FY25 including Rs 35 crore in cash and bank balances. According to TheKredible, Qure.ai has raised a total of $121 million of funding till date, having Peak XV Partners, HealthQuad, and Novo Holdings as its lead investors. The company’s founder and CEO Prashant Warier owns 3.55% of the company.

Zepto raises $450 Mn led by CalPERS; plans IPO next year

EntrackrEntrackr · 2m ago
Zepto raises $450 Mn led by CalPERS; plans IPO next year
Medial

Zepto raises $450 Mn led by CalPERS; plans IPO next year Quick commerce company Zepto has raised $450 million in a funding round led by California Public Employees’ Retirement System (CalPERS), a U.S.-based pension fund making its first investment in the company. The round, comprising a mix of primary and secondary investments, also saw participation from existing investors including Avenir, Avra, Lightspeed, Glade Brook, The Stepstone Group, and Nexus Venture Partners. Following this round, Zepto plans to go public next year. While the Mumbai-headquartered firm did not disclose its latest valuation, it was in talks to raise funds at a $7 billion valuation. Co-founder and CEO Aadit Palicha said the company has shown strong growth, scaling from about 500,000 daily orders five quarters ago to 1.7 million, and expects this momentum to continue. Recently, Zepto also raised Rs 400 crore (around $48 million) from Motilal Oswal Alternates, as part of its ongoing capital expansion ahead of the planned IPO. The company has raised a total of $2.3 billion since its inception, including $1.8 billion since January last year. Zepto’s revenue for FY24 was Rs 4,454 crore, more than double the Rs 2,026 crore reported in FY23. The company’s losses narrowed slightly from around Rs 1,272 crore in FY23 to Rs 1,249 crore in FY24. As per filings, Zepto clocked a turnover of Rs 11,110 crore ($1.3 billion) in FY25. However, the company hasn’t disclosed its last year’s financial results. Besides grocery and food items, Zepto has also started focusing on delivering medicines like its arch rivals Swiggy Instamart, Blinkit, and Flipkart’s Minutes. The firm has launched Zepto Pharmacy in select areas of Mumbai, Bengaluru, Delhi NCR, and Hyderabad.

Zepto board approves Rs 11,000 Cr raise ahead of confidential IPO filing

EntrackrEntrackr · 22h ago
Zepto board approves Rs 11,000 Cr raise ahead of confidential IPO filing
Medial

Zepto board approves Rs 11,000 Cr raise ahead of confidential IPO filing Zepto prepares to confidentially file its draft red herring prospectus (DRHP) on December 26. The company has also recently converted into a public limited company. Quick commerce firm Zepto has moved closer to the public markets after its board approved a plan to raise up to Rs 11,000 crore through a fresh equity issue and an offer for sale (OFS) by existing shareholders, as per regulatory filings accessed by Entrackr. The development comes as Zepto prepares to confidentially file its draft red herring prospectus (DRHP) on December 26. The company has also recently converted into a public limited company. Zepto’s regulatory filings show a sharp rise in scale over the past year, alongside a widening of losses. For the financial year ended March 2025, the company reported turnover including other income of Rs 9,668.76 crore, more than doubling from Rs 4,223.91 crore in FY24. The company’s net loss widened to Rs 3,367.28 crore in March 2025 from Rs 1,214.67 crore in FY24. Zepto recently concluded a $450 million fundraise as part of its ongoing capital expansion ahead of the IPO. The company has raised a total of $2.3 billion since its inception, including $1.8 billion since January last year. The Aadit Palicha-led company was valued at $7 billion during the last fundraise. With this move, Zepto is set to become the third quick commerce player to list on Indian stock exchanges, after Eternal and Swiggy, which operate Blinkit and Instamart, respectively.

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