Aadit Palicha Shares Zepto’s Growth Figures: Annualised GOV Nears $4B, Operational Burns Drop 50%

Quick Commerce platform Zepto’s chief Aadit Palicha announced on Wednesday that the start-up is getting close to $4bn in Annualised gross order value (GOV). This comes after Palicha announced in January about Zepto hitting $3bn in annualised GOV.

The current annualised GOV figure represents a sharp 300% year-on-year growth and a 30% rise since January. Palicha also revealed that the start-up has reduced its earnings before interest, taxes, depreciation, and amortisation (Ebitda), excluding employee stock ownership plans (ESOPs), and operating cash flow (OCF) burn by 50%.

“We are confident in being within touching distance of EBITDA (excl. ESOPs) and OCF break even within a few months (with a large net cash buffer still on the Balance Sheet). Our newly launched dark stores continue to track towards EBITDA breakeven, just as the dark stores we launched over the last 3 years did in our previous store expansion cycles,” Palicha said.

Palicha clarified that Zepto’s definition of GOV includes the selling price of fruits and vegetables, in addition to other revenue streams like subscription fees and advertisements.

In a January post, Palicha stated “In April 2024, we shared with Goldman Sachs in a research note that Zepto had crossed $1 billion in annualised Gross Order Value (GOV). Eight months later, in January 2025, we are now at approximately $3 billion in annualised GOV.”

Zepto $250M Secondary Sale

Recently, Zepto was reportedly in talks with the private equity arms of Motilal Oswal Financial Services Ltd. and Edelweiss Financial Services Ltd. to sell up to $250 million of its stake, with the goal of increasing Indian investor ownership ahead of its planned initial public offering (IPO) later this year.

The move aligned with Zepto’s strategy to enhance the proportion of Indian investors in the company before its IPO, which is slated for either later this year or early 2026. Founders Aadit Palicha and Kaivalya Vohra currently hold approximately one-fifth of Zepto’s shares, while Indian investors account for about 33% of the company’s capital. According to a source, the aim is to raise this figure to around 50%.