BigBasket vs Zepto: Revenue, Profit and Business Model
BigBasket reported ~$1.2B of revenue in FY2026 and a net loss of ~$368.3M. Zepto reported ~$2.6B of revenue in FY2026 and a net loss of ~$685M.
Latest financial snapshot
Financial summary
BigBasket
BigBasket reports through two companies. Innovative Retail Concepts, the consumer business, grew revenue 7.7 percent to ~$954 million (₹8,223 crore) in FY2026 while its loss rose 66 percent to ~$356 million (₹3,073 crore). Supermarket Grocery Supplies, the B2B and procurement arm, made ~$267 million (₹2,298 crore) and lost ~$11.8 million (₹102 crore). Combined, the two reported ~$1.22 billion (₹10,521 crore) of revenue and ~$368 million (₹3,175 crore) of losses, against ~$1.14 billion (₹9,861 crore) and ~$226 million (₹1,952 crore) a year earlier, according to Tata Sons' FY2026 annual report. On a consolidated basis the parent reported ~$1.14 billion (₹9,866.7 crore) of operating revenue and a ~$233 million (₹2,006.8 crore) loss in FY2025. The last priced equity round was $200 million at a $3.2 billion valuation in December 2022. Tata Sons hired Citi and Moelis in 2025 to look for outside investors, but in May 2026 Parekh said BigBasket was not raising external capital for now, leaving Tata Digital to fund it.
Zepto
Zepto's revenue from operations grew from ~$235 million (₹2,026 crore) in FY23 to ~$517 million (₹4,454 crore) in FY24, ~$1.29 billion (₹11,110 crore) in FY25 and ~$2.62 billion (₹22,624 crore) in FY26. The net loss was ~$545 million (₹4,700 crore) in FY25 and ~$685 million (₹5,905 crore) in FY26. In Q4 FY26, revenue rose 75% year on year to ~$870 million (₹7,498 crore). The quarter's net loss was ~$179 million (₹1,539 crore) and the adjusted EBITDA loss was ~$145 million (₹1,248 crore), a 29% improvement on Q4 FY25. On an adjusted EBITDA basis, the loss per order fell from ₹142.7 to ₹59.4. Major funding rounds include $665M at a $3.6B valuation (June 2024), $340M at $5B (August 2024) and $450M at $7B (October 2025).
Revenue and profit by year
BigBasket
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.2B | ~-$368.3M | -30.2% | +6.7% | Source |
| FY2025 | ~$1.1B | ~-$226.4M | -19.8% | -4.0% | Source |
| FY2024 | ~$1.2B | ~-$161.8M | -13.6% | +6.0% | Source |
| FY2023 | ~$1.1B | ~-$203M | -18.1% | +10.1% | Source |
| FY2022 | ~$1B | ~-$114.8M | -11.2% | — | Source |
| FY2020 | ~$442.9M | ~-$82.2M | -18.6% | +36.3% | Source |
| FY2019 | ~$325M | ~-$65.2M | -20.1% | — | Source |
Business model and strategy
BigBasket
How it makes money
BigBasket is an inventory-led retailer rather than a marketplace. It buys from brands, wholesalers and farmers, holds the stock in its own warehouses and dark stores, and sells to consumers through the BigBasket app and website.
Growth strategy
Since August 2024 BigBasket has delivered only in 10 to 30 minutes, folding the BBdaily morning subscription and BB Now into one app. Growth now comes from bigger baskets rather than more cities: larger-format dark stores carrying wider ranges, non-grocery categories, and a 10-minute café and food menu piloted in Bengaluru in June 2025 with Tata Starbucks and Qmin, the food platform of Indian Hotels Company.
Competitive advantage
BigBasket's edge is assortment and sourcing built over a decade of scheduled grocery delivery. It owns its inventory, runs procurement through its B2B arm, and sells private labels such as fresho for fruit and vegetables and bb Royal for staples, which earn more than resold brands. Tata ownership adds patient funding and a place in the Tata Neu app alongside Croma, Tata 1mg and Air India.
Zepto
How it makes money
Zepto earns money in three main ways. It earns a margin on goods sold from its dark stores, either directly or through sellers on its marketplace. It charges customers delivery, handling and small-cart fees, and offers a paid membership. It also sells advertising to consumer brands, which grew from ~$5.68 million (₹49 crore) in FY24 to ~$190 million (₹1,636 crore) in FY26 according to its prospectus.
Growth strategy
According to the draft prospectus, IPO proceeds are earmarked for new dark stores (~$189 million (₹1,629 crore)), lease rentals for existing stores (~$201 million (₹1,735 crore)), technology and cloud infrastructure (~$154 million (₹1,325 crore)) and marketing. The company is also expanding its advertising business, Zepto Cafe and its product range.
Competitive advantage
Zepto has a dense dark-store network, with 1,139 stores at 31 March 2026 and plans for 1,904 more funded partly by the IPO. It has a fast-growing advertising business. It also runs Zepto Cafe, which raises order value by adding food and drinks to grocery baskets. Unlike its main rivals, it is a standalone quick-commerce company, so all of its capital and management attention goes to this one business.
Questions about BigBasket vs Zepto
Which company has higher revenue — BigBasket or Zepto (Zepto Limited)?
BigBasket reported ~$1.2B (FY2026), while Zepto (Zepto Limited) reported ~$2.6B (FY2026). By last reported revenue, Zepto (Zepto Limited) is the larger business, with BigBasket reporting a smaller revenue base.
Which is more financially efficient — BigBasket or Zepto (Zepto Limited)?
BigBasket generates $21k / employee in revenue per employee. A comparable figure for Zepto (Zepto Limited) requires matching employee and revenue data from the same reporting period.
How do BigBasket and Zepto (Zepto Limited) make money?
BigBasket and Zepto (Zepto Limited) generate revenue in fundamentally different ways. BigBasket: BigBasket is an inventory-led retailer rather than a marketplace. Zepto (Zepto Limited): Zepto earns money in three main ways.
Is BigBasket bigger than Zepto (Zepto Limited)?
By last reported revenue, Zepto (Zepto Limited) (~$2.6B (FY2026)) is the larger company compared to BigBasket (~$1.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BigBasket vs Zepto overview