Zepto Elevates Key Executives As It Targets IPO In Two To Three Years
The startup said it has multiplied its business fourfold in the last 12 months and turned dozens of dark stores fully profitable.
Quick commerce company Zepto elevated several key executives as it plans for an initial public offering in the next two to three years.
The elevations are in line with its vision of "building a profitable public company in the next two to three years", according to a statement released on Thursday.
Those elevated were:
The company's Chief Operating Officer, Vinay Dhanani, is being elevated to president—supply chain and category.
Taking over from Dhanani will be Vikas Sharma, who is being elevated from senior vice president—operations to chief operating officer.
Viral Jhaveri, who was in charge of Zepto's sell-side category, is taking on an expanded role as the chief growth officer, effective June. He is taking over from Amritansu Nanda, who is resigning from the startup.
"With a leadership team as strong as the one we have today, I am confident that we will build Zepto into a generational public company within two to three years," said Aadit Palicha, co-founder and chief executive officer at Zepto.
The startup has multiplied its business fourfold in the last 12 months and turned dozens of dark stores fully profitable, the Mumbai-based venture said.
Founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto rose to near-unicorn status within nine months as its quick commerce service picked up during the pandemic. It raised $200 million in a series D round at a $900 million valuation in May 2022.
The company is backed by marquee investors such as Y Combinator, Kaiser Permanente, Nexus Venture Partners, Glade Brook Capital, and Lachy Groom.