Dive Brief:
- Zepto, a Mumbai, India-based quick commerce start-up company, has appointed Ramesh Bafna as its next CFO, replacing Jitendra Nagpal, who has been with the company since its early days in 2021.
- Bafna was previously CFO role of CoinSwitch Kuber, a cryptocurrency firm, according to his LinkedIn profile.
- “We are at an inflection point in our journey and are confident that we can go public in two years time. In this respect we are excited to have Ramesh join us and his core mandate will be to take the company public,” Aadit Palicha, CEO and co-founder told Business Insider.
Dive Insight:
The instant grocery delivery startup, which provides goods within ten minutes of an order being placed, was started by two teenagers back in 2021 — one of which was a Stanford University drop out — has raised $360 million in funding.
In order to take the company public, Bafna said his focus will be on building a strong infrastructure in controllership, bringing the company’s compliance to the “next level,” and get the overall business to EBITDA positive, Business Insider reported.
Bafna also has financial leadership experience as the CFO of Zilingo, a technology platform for apparel supply chain players to produce, source and trade efficiently and the CFO of Myntra, a fashion e-commerce company.
Late stage funding has declined for Zepto in the March quarter by 79%, as investors are less keen on larger start-ups, according to Business Insider.
