Zepto Future Plans: Going Public in Two Years
Ramesh Bafna joins Zepto as chief financial officer of quick commerce startup Zepto- Key mandate is to take the company public in two years and make the company EBITDA positive before that- Zepto claims metrics are strong and several of its dark stores are already profitable.
The finance function is inescapably the most important function in any launch- up, but when you’re talking about capital rise and public listing, the principal fiscal officer is the captain of the boat. With an eye on public listing two years down the line, quick commerce start- up, Zepto, has roped in Ramesh Bafna as the principal fiscal officer.
Aadit Palicha, CEO and Co-founder of Zepto told Business Insider, “We’re at an inflexion point in our trip and are confident that we can go public in two time’s time. In this respect we’re agitated to have Ramesh join us and his core accreditation will be to take the company public. ”
Ramesh Bafna has held leadership places across finance, inspection and business in companies like Wipro, Flipkart and Myntra. Prior to his new gig at Zepto, Bafna has worked with CoinSwitch and EvenFlow as the CFO in both these assignments.
According to Bafna, “Zepto has made assiduity- leading progress on profitability, while continue to grow presto. To take the company public in 2-3 times, my focus will be to make a strong controllership structure, bring the company’s compliance to the coming position, and most importantly, get the overall business to EBITDA positive, which I believe is possible in a reasonable timeframe. ”
Zepto was born at the peak of the epidemic with a proposition to home- deliver food and groceries to consumers. The company was innovated by two teenagers in 2021- Kaivalya Vohra and Aadit Palicha. The company, which plans to take one-commerce biggies over time, will need capital to further fuel its growth. Palicha says that a large number of Zepto’s stores are profitable and that the fiscal criteria of the company are veritably strong. To this effect, the IPO planning process will be crucial for the company and it’s CFO.
The backing downtime that set in last time has made it hard for launch- ups to raise capital. India saw a massive flux of capital during the epidemic, but backing in the March quarter of this timetable time dropped 75%. In the March quarter start- ups have raised only $2.8 bn compare to $11.8 bn last time in the same period. Backing volumes have shrunk primarily because investors aren’t keen on late stage start- ups. Late stage backing has declined in the March quarter by 79%.
Zepto’s Co-founder and CEO, Aadit Palicha, also said,” Ramesh is a best- in- class e-commerce CFO and he’ll make a best- in- class Finance platoon at Zepto. Through disciplined prosecution, Zepto is delivering inconceivable progress on growth and profitability. To take Zepto public in 2- 3 times, we believe we need an inconceivable CFO and Ramesh is the right person for the job. I ’m looking forward to this trip of erecting a generational company with him onboard! ”