Quick Commerce

Swish · Standalone audited financial statements for stub period 8 July 2024 to 31 March 2025 (first audited period), Munchmart Technologies Private Limited (brand: Swish)

Swish's first ever audit covers the 9-month period from incorporation on 8 July 2024 through 31 March 2025. The audit captures a year-zero capital architecture in three numbers. Revenue ₹4.05 Cr. Total expenses ₹22.81 Cr. Cash on the balance sheet at year end ₹119.47 Cr. Spent ₹5.64 for every ₹1 earned, ending with 95% of total assets sitting as cash. The seed round, implied at approximately ₹138.55 Cr based on the equity reconciliation, funded the year almost in its entirety; the operating economics had not yet started to scale by year end.

Zepto · Annual Filings FY2024 Standalone (Kiranakart Technologies Private Limited)

Zepto doubled revenue to ₹4,455 Cr in FY2024. Losses moved from ₹1,272 Cr to ₹1,249 Cr, barely changing. On doubled revenue, a flat loss is not a failure. Gross margin went from 3.6% to 22.5% as Zepto stopped subsidising every order. The unit economics are working.