Synopsis Bafna will replace Jitendra Nagpal – who joined Zepto in September 2021 – by the middle of next month, according to a statement by the firm. ETtech Ramesh Bafna Quick commerce platform Zepto has appointed Ramesh Bafna as chief financial officer (CFO). Bafna joins from crypto exchange CoinSwitch Kuber where he was CFO since June last year.
He will replace Jitendra Nagpal – who had joined Zepto in September 2021 – by the middle of next month, Zepto said in a statement. “To take Zepto public in two-three years, we believe we need an incredible CFO and Ramesh is the right person for the job,” said Aadit Palicha, cofounder and chief executive of Zepto. Previously CFO at online fashion platform Myntra and later at Singapore-based business-to-business fashion startup Zilingo, Bafna joins Zepto at a time when new-age firms across segments are looking to curtail their spending amid challenging macroeconomic conditions.
Quick commerce platforms in particular are looking to cut their burn to extend runways amid the ongoing funding winter. On joining the Mumbai-based startup backed by Y Combinator’s Continuity Fund, Bafna said in a statement, “Zepto is reimagining consumer internet with depth, operating discipline, and a long-term sustainable model. ” Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Zepto raised $200 million in May last yea r after which it was valued at $900 million.
It competes against Zomato’s Blinkit, Swiggy’s Instamart, BigBasket’s BB Now, and Reliance Retail-backed Dunzo, among others. ET had earlier this month reported on how Dunzo had to fire about 30% of its workforce even after securing a $75-million financing through convertible notes underscoring the challenges being faced by the cash-guzzling businesses in India. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.
click here! Saturday, 15 Apr, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Markets More CPPIB, OMERS on Road to ₹4. 3kcr Infusion in IndInfravit The Canada Pension Plan Investment Board (CPPIB) and the Ontario Municipal Employees Retirement System (OMERS) are planning to invest more than ₹4,300 crore ($526 million) in IndInfravit, an infrastructure investment trust (InvIT) that owns and operates Indian road assets and is majority owned by the two investors, said two persons aware of the development. Govt Working on Fact-Check Unit Contours: IT MoS The government is considering multiple proposals for the design of its proposed fact-check unit, which will be mandated to ascertain the veracity of government-related information online, minister of state for electronics and information technology Rajeev Chandrasekhar said on Friday.
VoVL Lenders OK Sale of Oil Basins to 2 Brazil Firms, with a Rider Lenders to VoVL, the oil and gas exploration company of Videocon Industries, Thursday approved a conditional sale of two oil basins to Eneva S A and one to PetroRio, said people aware of the development. Read More News on ramesh bafna zepto ramesh bafna coinswitch kuber zepto cfo ramesh bafna cfo zepto zepto ramesh bafna ramesh bafna myntra zepto funding Dunzo layoffs Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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From: economictimes_indiatimes
URL: https://economictimes.indiatimes.com/tech/startups/zepto-hires-coinswitch-kubers-ramesh-bafna-as-cfo/articleshow/99514120.cms
