Zepto CEO Aadit Palicha denies Zomato CEO’s cash burning claim
The Hindu
Zepto co-founder and CEO Aadit Palicha has denied rival Zomato CEO Deepinder Goyal’s estimate about cash burning.
Zepto co-founder and CEO Aadit Palicha has denied rival Zomato CEO Deepinder Goyal’s estimate that his company burned over ₹2,500 crores per quarter.
“This statement is verifiably untrue and it will be clear when we publicly file our financial statements. However, I know Deepinder, and I know he has only good intentions; this quote could have been an honest mistake,” posted Palicha on LinkedIn on March 4.
Palicha was responding to Goyal’s comments to a media publication on March 4, where he was quoted saying that companies in quick commerce were burning about ₹5,000 crores per quarter and that more than half of this could be attributed to Zepto.
The Zomato CEO went on to say in the piece that his companies were burning less cash by comparison.
Palicha took the statement to mean that his own quick commerce company was losing more than ₹2,500 Crores per quarter, which he claimed was an “inaccurate statement about Zepto.”
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