About Zepto unlisted shares
1. Business Model
Zepto operates as a quick commerce company, focused on delivering groceries and daily essentials to customers in under 10–15 minutes. It follows a dark store model, where local warehouses (called micro-fulfillment centers) are strategically set up in densely populated urban areas. Customers place orders via the mobile app, which are fulfilled through these dark stores using a fleet of delivery personnel.
Key Features:
- Hyperlocal logistics to reduce delivery times.
- Tech-enabled supply chain with demand forecasting.
- Own fleet and delivery riders to control quality and speed.
- Inventory management handled in-house for most SKUs.
This asset-heavy model ensures speed and reliability, which is critical in the competitive landscape of q-commerce.
2. Revenue Model
Zepto’s revenue streams are diversified across:
- Direct Sale of Products: Margin earned between the cost of goods sourced from suppliers and retail prices charged to customers.
- Private Label Brands: Higher-margin in-house brands in categories like staples, dairy, snacks, etc.
- Delivery Charges: On smaller order values or peak-hour delivery slots.
- Advertising Income: Vendor-sponsored listings and in-app brand placements.
- Platform Fees: Zepto may charge FMCG brands for visibility, promotions, or prioritization.
Though EBITDA-negative currently, operating leverage improves with higher order volume and AOV (average order value).
3. Funding Raised
Zepto has seen significant investor interest owing to its fast growth and early mover advantage in India’s q-commerce space.
Key Rounds:
- Aug 2021: $60M Series A led by Nexus Venture Partners.
- Dec 2021: $100M Series C at $570M valuation (Glade Brook, Nexus, Y Combinator).
- May 2022: $200M Series D at $900M valuation (Kaiser Permanente, Nexus).
- Aug 2023: $200M Series E at ~$1.4B valuation.
- Sept 2024: Zepto raises at a valuation of $5 billion (~₹41,000 Cr), per latest filings.
Key Investors:
- Nexus Venture Partners
- StepStone VC
- Glade Brook Capital
- Lightspeed Venture Partners
- Alteria Capital (via debt instruments)
- Stride Ventures
4. Competitors
Zepto competes in the ultra-fast grocery delivery space, which has become highly competitive, especially in metro cities.
Direct Competitors:
| Company | USP / Focus |
|---|---|
| Blinkit (Zomato-owned) | Fast delivery promise under 10 mins, widespread urban coverage |
| Swiggy Instamart | Built on Swiggy’s existing logistics network |
| BigBasket BB Now | Quick commerce arm of BigBasket (Tata Group) |
| Dunzo Daily | Google-backed, limited to select cities |
Indirect Competition:
- Amazon Fresh, Flipkart Quick (delivery not as fast but compete on assortment and pricing)
- Local Kirana aggregators via ONDC
Zepto differentiates itself with tech-enabled warehousing, speed, and customer retention through consistency.
Total Shares after Merger
| Shares held in KPL | Shares held in KTPL | |
|---|---|---|
| Equity | 1010650 | 2516502528 |
| Series-A1 | 526915 | 656005005 |
| Series-A2 | 165957 | 206615150 |
| Series-A3 | 114147 | 142112111 |
| Series-A4 | 1536 | 1912307 |
| Series-A5 | 19208 | 23913808 |
| Series-A6 | 62014 | 77206939 |
| Series-A7 | 15366 | 19130548 |
| Series-B | 470792 | 586132316 |
| Series-C | 613781 | 764152791 |
| Series-D | 772441 | 961645587 |
| Series-E | 790626 | 984323118 |
| Series-F | 1107038 | 1378253557 |
| Series-G | 393704 | 490158367 |
| 8808064132 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 226 | 297 | 468 |
| CWIP | 0 | 2 | 2 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 15 | 70 | 324 |
| Inventory | 0 | 158 | 127 |
| Other Assets | 398 | 951 | 1011 |
| Total Assets | 639 | 1478 | 1932 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 2.64 | 8.4 | 9.5 |
| FV | 10 | 10 | 10 |
| Reserves | 333 | 638 | 633 |
| Borrowings | 0 | 121 | 164 |
| Trade Payables | 136 | 354 | 574 |
| Other Liabilities | 167.36 | 356.6 | 551.5 |
| Total Liabilities | 639 | 1478 | 1932 |
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 141 | 2024 | 4455 |
| Cost of Material Consumed | 213 | 1894 | 3500 |
| Change in Inventory | -66 | -89 | 31 |
| Gross Margins | -51.06 | 6.42 | 21.44 |
| Employee Benefit Expenses | 51 | 263 | 426 |
| Other Expenses | 314 | 1171 | 1662 |
| EBITDA | -371 | -1215 | -1164 |
| OPM | -263.12 | -60.03 | -26.13 |
| Other Income | 1.6 | 53 | 44 |
| Finance Cost | 6 | 43 | 57 |
| D&A | 15 | 68 | 121 |
| EBIT | -386 | -1283 | -1285 |
| EBIT Margins | -273.76 | -63.39 | -28.84 |
| PBT | -390 | -1272 | -1298 |
| PBT Margins | -276.6 | -62.85 | -29.14 |
| Tax | 0 | 0 | 0 |
| PAT | -390 | -1272 | -1298 |
| NPM | -276.6 | -62.85 | -29.14 |
| EPS | -1477.27 | -1514.29 | -1366.32 |
| Cash-Flow Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| PBT | -390 | -1272 | -1298 |
| OPBWC | -378.5 | -1164 | -1026 |
| Change in Receivables | -15 | -56 | -253 |
| Change in Inventories | -68 | -90 | 31 |
| Change in Payables | 135 | 180 | 220 |
| Other Changes | -118 | 59 | -104 |
| Working Capital Change | -66 | 93 | -106 |
| Cash Generated From Operations | -444.5 | -1071 | -1132 |
| Tax | -0.5 | -11 | 0.5 |
| Cash Flow From Operations | -445 | -1082 | -1131.5 |
| Purchase of PPE | -118 | -62.5 | 102 |
| Sale of PPE | 0 | 0 | 0.2 |
| Cash Flow From Investment | -82 | -726 | 323 |
| Borrowing | 0 | 121 | 42.7 |
| Dividend | 0 | 0 | 0 |
| Equity | 718 | 1589 | 0 |
| Others From Financing | -10 | -67 | 1146.3 |
| Cash Flow from Financing | 708 | 1643 | 1189 |
| Net Cash Generated | 181 | -165 | 380.5 |
| Cash at the Start | 2 | 183 | 18 |
| Cash at the End | 183 | 18 | 398.5 |
| Financial Ratios | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | -263.12 | -60.03 | -26.13 |
| Net Profit Margin | -276.6 | -62.85 | -29.14 |
| Earning Per Share (Diluted) | -1477.27 | -1514.29 | -1366.32 |
A V Thomas International Limited Annual Report 2023-24
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