Zepto Appoints Akhil Gupta to Board Ahead of Anticipated IPO

Zepto, the quick commerce startup headquartered in Bengaluru, has appointed Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director to its board. The development comes as the company moves closer to a potential initial public offering (IPO), according to a report by Moneycontrol.

Strengthening the Board

Akhil Gupta brings decades of strategic and financial experience, having overseen the public listings of Bharti Airtel (2002), Bharti Infratel (2012), and Airtel Africa (2019). At Bharti Enterprises, he has played a key role in forming global partnerships and securing investments from leading private equity players, including Warburg Pincus, Temasek, and KKR.

Zepto’s current board includes co-founders Aadit Palicha and Kaivalya Vohra, Anu Hariharan of Avra, and Suvir Sujan of Nexus Venture Partners. Gupta’s addition is expected to bolster the board’s depth as the company prepares for a public listing.

Internal Restructuring and Leadership Changes

In addition to board expansion, Zepto has been actively reshuffling its leadership. In July 2024, Devendra Meel was elevated to Chief Business Officer from his previous role as head of the loyalty programme Pass. Prior promotions include Nikhil Mittal and Divesh Sawhney taking over as Chief Technology Officer and Chief Growth Officer, respectively.

Despite these advancements, the company has also seen key exits. Chief Marketing Officer Amritansu Nanda, along with senior leaders Viral Jhaveri and Manik Oberoi, departed in June 2024. Ashish Shah, previously Senior V-P of Finance, resigned in December 2023 and is now CFO at DealShare.

Financial Position and Capital Raise

Zepto has recently shifted its base back to India from Singapore and has completed multiple funding rounds to strengthen its balance sheet. It raised $665 million in June 2024 and $340 million in August 2024 from investors including General Catalyst, Glade Brook Capital, and Nexus Venture Partners. In a subsequent round, the company secured $350 million from domestic investors such as Motilal Oswal and Claypond Capital.

The company is reportedly in talks to raise an additional $300 million through a secondary sale to mutual funds, aiming to increase its domestic shareholder base in preparation for IPO-related regulatory compliance. Its gross merchandise value (GMV) has surged to nearly $4 billion, marking a 300% increase from the previous year.

Conclusion

With the appointment of Akhil Gupta and a strong financial strategy, Zepto is positioning itself for a high-profile IPO. The company’s swift growth, both in revenue and market presence, underscores its ambition to establish a solid foothold in India’s highly competitive quick commerce sector.

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