Until we can match Amazon or DoorDash, we haven’t won: Zepto CEO Aadit Palicha

“Until we can hold our own against the best in the world — like Amazon, DoorDash, or Mercado Libre — we haven’t won.” In a candid and self-effacing admission, Aadit Palicha, cofounder and chief executive of Zepto, said he doesn’t yet consider the quick-commerce startup a success.

Speaking to Garry Tan, CEO of startup accelerator Y Combinator, Palicha said, “No, absolutely not, not even close,” when asked whether he believes Zepto has ‘made it’.

Founded in 2021 by two Stanford dropouts, Zepto has emerged as a major player in India’s quick commerce sector, competing with Zomato-owned Blinkit and Swiggy’s Instamart. But for Palicha, success means more than valuations or breakneck growth.


“We’ve got a couple of decades before we can realistically say that we have won,” he said. “I genuinely believe we’ve got a once-in-a-generation opportunity to build a world-class internet company out of India.”

Palicha reiterated that Zepto’s long-term ambition is to build a company that can rival the scale and operational excellence of the world’s most formidable tech giants. “It’s not about the valuation anymore,” he said. “It’s about building something exceptional that becomes a benchmark for the Indian startup ecosystem.”

He added that it may take 20 to 30 years to reach that milestone — a timeframe he and his team are committed to. “We just have to execute like crazy to make it happen.”

Zepto’s IPO plans

Palicha’s comments come as Zepto prepares to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) by the end of April. As reported by ET earlier, the company has communicated to prospective investors that it aims to achieve EBITDA profitability by the final quarter of FY26.

Zepto, which formally changed its registered name from Kiranakart Technologies Pvt Ltd to Zepto Pvt Ltd this week, has been actively working to reduce cash burn and optimise its network of over 1,000 dark stores.

While the company initially targeted $450 million in primary capital through the IPO, discussions have expanded the scope of the offering to $800 million–$1 billion, including a secondary component, according to ET’s 24 January report.

A fiercely competitive market

Zepto faces stiff competition from Blinkit and Instamart, among other newer players.

According to Zomato’s latest financials, Blinkit clocked an annualised gross order value (GOV) of $3.6 billion for the quarter ended 31 December 2024. Swiggy’s Instamart, in comparison, posted a gross sales run rate of $1.8 billion for the same period.

Zepto, meanwhile, is approaching a GOV of $4 billion, with year-on-year growth of 300% — the highest among its peers.

Blinkit reported Rs 942 crore in revenue for Q1 FY25, up from Rs 384 crore in the same period last year. Its GOV for the April–June quarter stood at Rs 4,923 crore, reflecting a 130% year-on-year increase.

Zepto reported operating revenue of Rs 4,454 crore for FY24, a 120% rise from the previous year, underlining the rapid growth of the 10-minute delivery category.

Swiggy’s Instamart, however, has seen pressure on margins. Its contribution margin fell to negative 4.6% in the most recent quarter, down from negative 1.9% previously, highlighting the intense price and service competition in the space.