In a significant strategic development ahead of its much-anticipated initial public offering (IPO), quick-commerce unicorn Zepto appoints Akhil Gupta to its board as an independent director. Gupta, who currently serves as the Vice Chairman of Bharti Enterprises, brings a stellar track record of guiding multiple landmark IPOs in India’s telecom sector. His induction is expected to enhance Zepto’s governance structure, reinforce investor confidence, and support the company’s capital market ambitions as it prepares to list later in 2025 or early 2026.
Gupta’s resume includes leading the IPOs of Bharti Airtel in 2002, Bharti Infratel in 2012, and Airtel Africa in 2019. His domain expertise in capital raising, cross-border partnerships, and institutional investor relations perfectly aligns with Zepto’s vision of becoming a publicly listed tech company.
This appointment follows Zepto’s aggressive funding trajectory. Over the past year, the startup has raised approximately $1.35 billion across several rounds, catapulting its valuation to $5 billion. It also repatriated its holding company from Singapore to India — a decisive move underscoring its IPO strategy.
Zepto has concurrently been optimizing its executive structure. Key promotions and leadership exits reflect its intent to streamline operations and increase accountability. The board, now including Gupta, features influential names such as Anu Hariharan of Avra and Suvir Sujan of Nexus Venture Partners.
With annualized GMV nearing $4 billion and revenue growth touching 300% year-on-year, Zepto is entering its IPO phase from a position of strength. Gupta’s inclusion is not just a symbolic step; it is a foundational move aimed at fortifying its capital market credibility. The broader startup ecosystem will be closely observing Zepto’s IPO journey, which could become a bellwether for Indian tech startups.
1. Introduction: Zepto Appoints Akhil Gupta to Board Pre-IPO
Zepto has appointed Akhil Gupta to its board as it gears up for one of the most anticipated IPOs in India’s startup ecosystem. Known for disrupting the quick-commerce landscape with its rapid delivery model, Zepto is making strategic leadership additions to strengthen its governance and IPO-readiness. Gupta’s experience with multi-billion-dollar public listings places him in a key role during this transformative phase.
2. Zepto’s Working and Revenue Model
2.1. Business Model Overview
Zepto operates a hyperlocal quick-commerce model that promises grocery and essential deliveries within 10–20 minutes. Its core operational backbone includes a vast network of dark stores, advanced inventory management, and real-time data analytics. These tools enable the startup to optimize delivery times while maximizing logistical efficiency.
2.2. Revenue Generation Strategy
Zepto generates revenue through several channels:
- Delivery fees charged to customers
- Commissions from partner brands
- Sale of private label products
- Subscription-based loyalty programs like Zepto Pass
This diversified revenue strategy has enabled Zepto to scale rapidly, particularly in India’s metro cities.
3. Background of Founders and Company Genesis
3.1. Founders’ Journey
Zepto was founded in 2020 by Aadit Palicha and Kaivalya Vohra, two Stanford dropouts with a vision to revolutionize grocery delivery in India. Armed with strong tech acumen and entrepreneurial drive, they built a logistics platform that reshaped consumer expectations around delivery timelines.
3.2. Startup’s Rapid Rise
Since its inception, Zepto has raised over $1.95 billion across ten funding rounds. With backers like Nexus Venture Partners, Avra, and Glade Brook Capital, the company achieved unicorn status in record time and continues to attract deep-pocketed investors.
4. Context Behind Akhil Gupta’s Appointment
4.1. The Strategic Importance
Zepto appoints Akhil Gupta at a pivotal moment. Known for engineering Bharti Airtel’s IPO and steering Bharti Infratel and Airtel Africa through successful listings, Gupta’s inclusion signals Zepto’s serious intent. His deep relationships in global capital markets and experience navigating regulatory challenges are timely additions as Zepto looks to list in the next 9–12 months.
4.2. IPO Preparedness
Gupta’s appointment is expected to enhance investor confidence, especially as Zepto plans a $250 million secondary round aimed at increasing Indian institutional ownership. His ability to structure IPO narratives, align stakeholder expectations, and optimize governance will play a crucial role.
5. Zepto’s Board Composition and Leadership Realignment
5.1. Board Members Overview
The current Zepto board includes:
- Aadit Palicha, Co-founder & CEO
- Kaivalya Vohra, Co-founder & CTO
- Anu Hariharan, Founder, Avra
- Suvir Sujan, MD, Nexus Venture Partners
- Akhil Gupta, Independent Director
This diverse and seasoned board balances startup innovation with veteran market insights.
5.2. Leadership Shifts
Zepto has made critical leadership changes in the past six months:
- Devendra Meel elevated to Chief Business Officer
- Nikhil Mittal promoted to Chief Technology Officer
- Divesh Sawhney now Chief Growth Officer
Notably, Amritansu Nanda and Ashish Shah have exited the company, aligning with Zepto’s broader strategic realignment.
6. Zepto’s Market Momentum and Financial Strategy
6.1. GMV Growth
Zepto has achieved a 300% year-on-year growth in gross merchandise value, now nearing an annualized $4 billion. Simultaneously, the company has slashed its EBITDA and operational cash burn by 50%, enhancing financial sustainability.
6.2. Recent Fundraising and Valuation
In the past year alone:
- June 2024: Raised $665 million
- August 2024: Secured $340 million
- November 2024: Added $350 million from Indian institutions
This aggressive capital infusion has boosted Zepto’s valuation to over $5 billion.
7. Why This Matters for the Indian Startup Ecosystem
Zepto’s decision to appoint Akhil Gupta reflects a growing maturity among Indian startups preparing for IPOs. His presence offers a governance template that others in the ecosystem can emulate. It underscores the need for traditional business acumen in modern startups and could pave the way for more responsible, investor-friendly tech IPOs in India.
8. Learning for Startups and Entrepreneurs
- Strengthen Governance Early
Bringing in experienced board members adds credibility ahead of IPOs. - Build Balanced Leadership
Promote internal talent while onboarding seasoned executives. - Optimize for IPO Readiness
Focus on financial discipline and investor transparency. - Enhance Domestic Backing
Encourage Indian institutional participation before listing. - Craft Realistic Narratives
Align growth stories with actual business metrics to build long-term trust.
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