A public disagreement has emerged between Zomato CEO Deepinder Goyal and Zepto CEO Aadit Palicha over claims about Zepto’s financial performance. Goyal recently stated that Zepto burns significantly more cash than its competitors, with estimates suggesting over Rs 2,200-2,300 crore in the last quarter. However, Palicha swiftly refuted these claims as “verifiably untrue” on LinkedIn.

Goyal mentioned in an interview with The Economic Times that the quick commerce industry collectively burns around Rs 5,000 crore per quarter, with Zepto allegedly responsible for more than half of this amount. He highlighted that while Blinkit, Zomato’s quick commerce arm, accounts for only 2-3% of the industry’s cash burn, it maintains a significant 40-45% market share.

Palicha responded by calling Goyal’s statements “verifiably untrue,” assuring that Zepto’s financial records would clarify the actual figures once publicly disclosed. Despite the disagreement, Palicha expressed respect for Goyal as a role model in the Indian startup ecosystem, suggesting that the comments might have been taken out of context or made in error.

Industry analysts estimate Zepto’s monthly cash burn to be around Rs 350-400 crore, translating to approximately Rs 1,100-1,200 crore per quarter. This is significantly lower than Goyal’s estimates and reflects Zepto’s aggressive expansion strategy, which includes rapid dark store development.

The quick commerce sector is highly competitive, with players like Blinkit and Instamart also investing heavily in dark stores. Blinkit aims to reach 2,000 dark stores by December 2025, while Instamart targets over 1,000 stores by March 2025. Zepto is expanding its network to 1,200 stores by the end of FY25.

The public exchange between Goyal and Palicha highlights the intense competition in India’s quick commerce market. As Zepto prepares to disclose its financial statements, the accuracy of these claims will become clearer, potentially impacting investor perceptions and market dynamics.

Key Highlights:

• Dispute Overview: Zepto CEO Aadit Palicha disputes Zomato CEO Deepinder Goyal’s claims about Zepto’s cash burn.
• Goyal’s Claims: Goyal stated that Zepto burns over Rs 2,200-2,300 crore per quarter, more than half of the industry’s total.
• Palicha’s Response: Palicha called the claims “verifiably untrue,” citing that Zepto’s financials will clarify the figures.
• Industry Estimates: Analysts estimate Zepto’s quarterly cash burn at Rs 1,100-1,200 crore, significantly lower than Goyal’s figures.