Dunzo vs Zepto: Revenue, Profit and Business Model
Dunzo reported $27.5M of revenue in FY2023 and — of net income. Zepto reported ~$2.6B of revenue in FY2026 and a net loss of ~$685M.
Latest financial snapshot
Financial summary
Dunzo
Dunzo raised about $450 million from investors including Google, Reliance Retail, Lightrock, Lightbox, 3L Capital and Blume Ventures. The January 2022 $240 million round, led by Reliance Retail's roughly $200 million for a 25.8% stake, valued the company at about $775 million. Revenue from operations grew more than fourfold to ~$26.3 million (₹226.6 crore) in FY23, but losses grew nearly fourfold to ~$209 million (₹1,801.8 crore), and auditor Deloitte flagged going-concern doubts. Without new funding, Dunzo delayed salaries, cut staff, defaulted on vendor dues and faced insolvency petitions. Reliance wrote off its ~$191 million (₹1,645 crore) investment in its FY25 annual report.
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
Dunzo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $27.5M | — | 0.0% | — | Source |
Where the revenue comes from
Dunzo
- Sale of traded goods (Dunzo Daily)
~62% (FY23)
About $16.4 million (₹141 crore) from groceries and essentials sold through dark stores in FY23.
- Delivery, service and merchant fees
~38% (FY23)
Customer delivery fees, partner-store commissions and B2B per-delivery charges.
Zepto
No segment breakdown is published.
Business model and strategy
Dunzo
How it makes money
Dunzo earned money in two ways. First, delivery and service fees: customers paid distance-based fees for pick-up-and-drop errands (Dunzo Genie-style tasks) and for orders from partner stores, and merchants paid per-delivery fees for B2B last-mile delivery. Second, from 2021, product sales through Dunzo Daily, its dark-store quick-commerce service.
Growth strategy
Dunzo's strategy moved through three stages. From 2014 to 2020 it grew as a "deliver anything" errand app in Bengaluru, then other metros. In 2021 it launched Dunzo Daily, a 15-to-20-minute grocery service run from company dark stores, and in 2022 it raised Reliance Retail's money partly to support JioMart deliveries.
Competitive advantage
Dunzo's early edge was first-mover status and a much-loved brand in Bengaluru. It showed Indian city consumers would pay for near-instant delivery of almost anything. That edge did not last. Blinkit (backed by Zomato, now Eternal), Swiggy Instamart and Zepto raised far more capital, built denser dark-store networks and could subsidise orders for longer.
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 Dunzo vs Zepto
Which company has higher revenue — Dunzo or Zepto (Zepto Limited)?
Dunzo reported $27.5M (FY2023), while Zepto (Zepto Limited) reported ~$2.6B (FY2026). By last reported revenue, Zepto (Zepto Limited) is the larger business, with Dunzo reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How do Dunzo and Zepto (Zepto Limited) make money?
Dunzo and Zepto (Zepto Limited) generate revenue in fundamentally different ways. Dunzo: Dunzo earned money in two ways. Zepto (Zepto Limited): Zepto earns money in three main ways.
Is Dunzo bigger than Zepto (Zepto Limited)?
By last reported revenue, Zepto (Zepto Limited) (~$2.6B (FY2026)) is the larger company compared to Dunzo ($27.5M (FY2023)). 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 Dunzo vs Zepto overview