diving letter:
- Zepto, a Mumbai, India-based fast trade start-up, has appointed Ramesh Bafna to succeed it as its next CFO Jitendra Nagpal who has been with the company since the beginning in 2021.
- According to his LinkedIn profile, Bafna was previously the CFO at CoinSwitch Kuber, a cryptocurrency company.
- “We are at a turning point in our journey and are confident that we can go public in two years. In that regard, we are pleased to have Ramesh join us and his primary mandate will be to take the company public,” said Aadit Palicha, CEO and co-founder told Business Insider.
Dive insight:
The instant grocery delivery startup, which delivers goods within 10 minutes of ordering, was founded in 2021 by two teenagers — one of whom was a Stanford University dropout — and has raised $360 million in funding.
To bring the company public, Bafna said his focus will be on building a strong controlling infrastructure to take the company’s compliance to the “next level” and bring the overall business to positive EBITDA, reported Business Insider.
Bafna also has financial leadership experience as CFO of Zilingo, a technology platform for apparel supply chain players to efficiently manufacture, source and trade, and as CFO of Myntra, a fashion e-commerce company.
According to Business Insider, late-stage funding for Zepto fell 79% in the March quarter as investors are less interested in larger startups.
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