BENGALURU: Quick commerce platform Zepto sees second top-level exit in less than one month. Jitendra Bagga, who was the VP of central operations, has quit after his nine-month tenure with the company. He was earlier with Raymond Limited, heading distribution and logistics. Previously he worked with Reliance Retail for more than two decades as its head in distribution and logistics projects.
Zepto has no plans to find his replacement. Earlier this month, the company's chief human resource officer Martin Dinesh Gomez submitted his resignation after serving the company for just 11 months. According to sources, both executives would have stepped down since Zepto is relocating to Bengaluru from Mumbai.
Zepto has asked its employees to relocate to Bengaluru. The start-up has moved its headquarters and began operations from Bengaluru since last month. According to sources, already 800 employees are working from the city and another 600 will shift to the new office from Mumbai.
Currently, both tech and product teams are in Bengaluru. In June this year, Zepto raised $665 million at a $3.6 billion valuation, more than double from its last valuation. Next year, Zepto is planning to make its market debut and has been increasing its domestic shareholding.
Zepto raised $665 million in June and in August, it raised $340 million. In November, it secured another $350 million. The round saw participation from HNIs, family offices and financial institutions.
Aadit Palicha, CEO & Co-founder at Zepto, recently said, “When we started this venture, the risk appetite among domestic investors was limited—especially to trust 18-year-olds with their money. Today, we are humbled to have reached a place in India’s economic growth where we’ve not only fostered that trust but also spearheaded a fundraise of this magnitude, which will hopefully set a precedent for the startups that follow."