Zepto appoints CoinSwitch's Ramesh Bafna as its new CFO

Last year in May, the 10-minute grocery delivery app has raised $200 million in its Series D round of funding at a valuation of $900 million. (Representative image)

E-grocery platform Zepto on April 15 stated that it has appointed Ramesh Bafna as its new Chief Financial Officer (CFO). Prior to this, Bafna was the CFO at the wealth tech company, CoinSwitch, and has also held the same executive post at Myntra.

Bafna will take over the role from Jitendra Nagpal in Zepto around mid-May. The company also has plans to go public in the next two-three years.

With over two decades of experience, Bafna's appointment signifies "major milestones in Zepto’s growth and profitability metrics, where the company is now focusing on building an industry-leading Finance team for its next phase of scale," the startup said in a statement.

Zepto’s co-founder and CEO, Aadit Palicha, on the appointment, said, "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!”

Moreover, Bafna expressed, "Zepto is reimagining consumer internet with depth, operating discipline, and a long-term sustainable model. I'm looking forward to this journey, along with some of the best minds in the country at the Zepto team.”

Bafna has also played a key role in the early days of Flipkart as part of its finance team, and also spent a decade at IT services major Wipro, Zepto noted.

Last year in May, the 10-minute grocery delivery app raised $200 million in its Series D round of funding at a valuation of $900 million, signifying investor confidence amid a slowdown in startup funding, and giving it ammunition to compete against larger rivals such as Swiggy, Dunzo, and BigBasket, Moneycontrol had reported.

Meanwhile, according to Zepto's FY22 financials, it incurred a loss of Rs 390.3 crore on a standalone basis. While its total revenue stood at Rs 142.3 crore in FY22, it had total expenses of Rs 532.7 crore in FY22, which was its first year of operations.