19 April 2023, Bengaluru, India
Zepto is all set to make a significant change to its admin table after releasing Jitendra Nagpal, former CFO of Zepto, from his duties after service of two-and-a-half years. The Y Combinator-backed quick-commerce startup has already identified a potential candidate to fill the vacant post of the CFO of the company.
Zepto has brought in Ramesh Bafna to replace Jitendra as the company CFO. Bafna previously worked at Coinswitch, one of the notable names in cryptocurrency-based firms. Ramesh Bafna served as the Chief Financial Officer for Coinswitch after joining the firm last June. Ramesh is set to join Zepto after Jitendra gives up his post following a brief notice period that should end in May.
Bafna has an established and respectable CV prior to his stint at Zepto. He previously worked in the Singapore-based firm Zilingo as the company’s CFO. He was in the post for a brief period of three months. Ramesh Bafna also worked at Flipkart-owned Myntra as the company CFO. His experiences working in big firms like Flipkart, Wipro, and Cisco add to his wide reputation.
Ramesh will now join Zepto, a quick-commerce startup after Jitendra serves his notice period. Jitendra is an Ex-VP of Finance for major healthcare firm Pharmeasy. Jitendra looks forward to providing consultancy services to startups while setting a clear path to establishing a venture capital fund to back startups across sectors.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, the quick-commerce startup is giving strong competition to competitors Swiggy Instamart and Zomato-owned Blinkit. Reports suggest that Zepto has raised $361 million worth of funding from different investors including Y Combinator, Nexus Venture Partners Global Founders Capital, and Glade Brook Capital. The funding received by Zepto is valued at close to $900 million.
Founder Aadit Palicha speaks prominently about Ramesh Bafna and how he can help Zepto grow and be an industry-level player in the market.
“Ramesh is a best-in-class e-commerce CFO, and he will build a best-in-class finance team at Zepto,” says Aadit.
Bafna is also looking forward to working at Zepto with a straightforward mindset and looks to do some changes to the finance team. He wishes to provide the right kind of leadership to the team and improve the company’s baseline.
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