Zepto Files UDRHP: IPO Closer, Shareholding & Execs Revealed

Zepto, the quick commerce major, has filed its updated draft red herring prospectus (UDRHP) with the market regulator SEBI, signaling its intent to go public amidst a quiet period for startup IPOs in India. The extensive 690-page document positions Zepto as India’s fastest-growing quick commerce player, showcasing improved profitability and sustained revenue growth over recent fiscal years.

The filing also disclosed that Zepto’s cofounders, Aadit Palicha and Kaivalya Vohra, were summoned by the Enforcement Directorate (ED) last month. The summons pertained to information regarding the company’s foreign investments, immovable properties, shareholding structure, loans, guarantees, income tax records, and bank accounts. The cofounders confirmed submitting the requested documents under the Foreign Exchange Management Act, 1999 (FEMA), and have not received further communication.

Zepto, one of India’s most funded startups yet to go public, has raised over $2.4 billion from prominent investors including Glade Brook Capital, General Catalyst, and StepStone Group. Leading up to the IPO, the company’s capitalisation table experienced notable changes last year.

Early foreign backers sold Zepto shares exceeding ₹577 crore to financial services firm Motilal Oswal in a secondary transaction in August 2025. US-based Kaiser Permanente offloaded 3.7 crore shares, while Dubai-based Razor Capital sold nearly 61 lakh shares. Nexus Venture Partners also sold 6.7 crore shares to Motilal Oswal Financial Services at ₹53.26 each.

Zepto has actively worked to reduce its foreign shareholding, aiming to boost domestic ownership above 50% to align with FDI regulations in the ecommerce sector. The company noted in its DRHP that as a foreign-owned and controlled entity, it is subject to various requirements under the Consolidated FDI Policy, including restrictions on investing in FDI-restricted companies and pricing guidelines for Indian company investments.

The company’s founders and promoter group entities collectively hold a 19.56% stake, with Palicha and Vohra individually holding approximately 1%. Lazarus Trust, represented by Aadit Palicha’s father Kavit Palicha, is the largest shareholder with 9.03%, while Vohra Trust, through Kaivalya Vohra’s father Jaideep Vohra, holds 7.48%. The promoters are not participating in the offer for sale (OFS) component of the IPO.

Zepto’s IPO proposal includes a fresh issue of shares valued at ₹8,010 crore and an OFS of up to 11.35 crore equity shares. Nexus Venture Partners plans to offload 8.78 crore shares across its two holding entities (Nexus Ventures VI Holdings and Nexus Ventures VII Holdings), while Razor Capital intends to sell 93.64 lakh shares and Contrary, a US-based venture capital firm, will cash out 78.01 lakh shares. Excluding the promoter group, Nexus Venture Partners is the largest external shareholder, holding 165.34 crore shares, or a 13.12% stake. Other significant investors include Glade Brook Capital (7.73% stake), StepStone Group (7.34% stake), and Y Combinator (6.01%).

Founded in 2021 by Palicha and Vohra, Zepto operates in India’s quick-commerce market, which is projected to reach nearly $40 billion by 2030. It competes with players such as Eternal’s Blinkit, Swiggy’s Instamart, Amazon Now, Flipkart Minutes, BigBasket, and JioMart. Financially, Zepto’s net loss widened by 26% to ₹5,905.2 crore in FY26 from ₹4,699.7 crore in the previous fiscal year, while operating revenue more than doubled to ₹22,623.6 crore from ₹11,109.9 crore in FY25.

Decoding Zepto’s Leadership Team

Board of Directors

Aadit Palicha is the Managing Director and Chief Executive Officer of Zepto, responsible for its overall strategy, vision, and operations. In FY26, he received a gross remuneration of ₹2.7 crore.

Kaivalya Vohra, a Whole-Time Director and cofounder, serves as Zepto’s President – Technology and Product, leading the company’s technology and product strategy. His gross remuneration in FY26 was ₹2.6 crore.

Ramesh Bafna has been the Whole-Time Director and CFO since May 2023, overseeing financial strategy, risk management, and compliance. With over two decades of experience at companies like Myntra, Flipkart, and Wipro, his gross remuneration in FY26 was over ₹3.8 crore.

Paul Hudson, representing Glade Brook Capital, has been the chairman and non-executive nominee director of Zepto’s board since December 2025.

Akhil Gupta joined the board as an independent director in April 2025. He is the president emeritus of the Telecom Sector Skill Council and former Chairman of DIPA, holding directorships at companies including Snapdeal and 360 ONE WAM.

Anulakshmi Hariharan is an Independent Director on Zepto’s board since December 2025. She previously served as a partner at Andreessen Horowitz and as a managing director and partner at Y Combinator.

Key Managerial Personnel

Vinay Dhanani, with over 17 years in the supply chain sector, has been Zepto’s president – supply chain and category since July 2021. He is responsible for end-to-end supply chain, operations, expansion, and business strategy, earning ₹3.1 crore in FY26.

Nikhil Mittal has served as Zepto’s CTO since January 2024, leading technology and engineering strategy. Previously with Niksar Technologies and Goldman Sachs Services, his gross remuneration in FY26 was ₹2.1 crore.

Divesh Sawhney has been Zepto’s chief growth officer since January 2024, tasked with driving business expansion. He previously worked at Piramal Enterprises, Tata UniStore, and Amazon Seller Services, receiving ₹3.1 crore in FY26.

Ankit Agarwal, Zepto’s CPO since September 2023, oversees product management, analytics, operations, and design. He has prior experience at Delhivery, Flipkart, and Infra.Market, with a gross remuneration of ₹2.2 crore in FY26.

Devendra Meel joined Zepto in July 2023 and became CBO in May 2024, focusing on overall business strategy, category growth, and platform revenue. Previously at Reliance Jio Infocomm and Zomato, he received ₹2.75 crore in FY26.

Vikas Sharma has been Zepto’s COO since September 2021, leading daily operations and supply chain management. With over 13 years of experience at companies like Pepperfry and Flipkart, he was paid ₹1.9 crore in FY26.

Chandan Mendiratta, with over 20 years in marketing, has been the chief brand officer since January 2024. Formerly at Classplus and Zomato, his gross remuneration in FY26 was ₹1.4 crore.

Sneha Arora has served as the company’s CHRO since October 2025. With over 15 years of experience from Flipkart, Myntra, and SAP Labs India, she received ₹94.3 lakh in FY26.

Samad Shariff has been Zepto’s Company Secretary and Compliance Officer since December 2024. With a 13-year career including Unacademy and Zovi, he received ₹65.6 lakh in FY26.