The quick commerce start-up, Zepto, hired cryptocurrency firm Coinswitch's Chief Financial Officer, Ramesh Bafna, to head its finance division, replacing Jitendra Nagpal.
Aadit Palicha, CEO and Co-founder of Zepto told Business Insider that they are at an inflexion point in their journey and are confident that they 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,” he said.
Ramesh Bafna comes with varied experience through leadership roles across finance, audit and business in companies like Wipro, Flipkart and Myntra. Prior to his new gig at Zepto, Bafna worked with CoinSwitch and EvenFlow as the CFO in both these assignments.
As per Bafna, “Zepto has made industry-leading progress on profitability while continuing to grow fast. To take the company public in 2-3 years, my focus will be to build a strong controllership infrastructure, bring the company's compliance to the next level, and, most importantly, get the overall business to EBITDA positive, which I believe is possible in a reasonable timeframe.”
Aadit Palicha also said, "Ramesh is a best-in-class e-commerce CFO, and he will build a best-in-class Finance team at Zepto. Through disciplined execution, Zepto is delivering incredible progress on growth and profitability. To take Zepto public in 2-3 years, we believe we need an incredible CFO, and Ramesh is the right person for the job. I’m looking forward to this journey of building a generational company with him onboard!”
Zepto was started in 2021 at the peak of the pandemic by Palicha and Kaivalya Vohra and became one of the highest-funded quick-commerce startups in the country, giving intense competition to Swiggy Instamart and Zomato-owned Blinkit.
Watch: RCB vs DC and LSG vs PBKS: Players, Match timings, toss