Zepto CFO Jitendra Nagpal Quits, Plans To Launch A Venture Capital Firm
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Jitendra Nagpal, the chief financial officer of Zepto has quit the quick grocery delivery platform. Nagpal who joined Zepto during its early days is planning to launch his own venture capital and advisory firm which would mentor and invest in startups. It would have an initial corpus of $30 million.
Nagapal who has two decades of operating experience including investment banking played key roles at firms like Pharmeasy and Zepto and helped them become operationally profitable. Last year he helped Zepto raise $200 million Series D fundraise, valuing the quick commerce company at around $900 million.
“I'm going to combine all of my experience and help founders at a large scale,” said Nagapal, in an interview. “Earlier I was supporting founders individually (at firms), now I want to I want to help hundreds of founders who have a lot of potential, but they're not getting the right guidance.”
Meanwhile, Zepto has announced the appointment of crypto firm CoinSwitch’s CFO Ramesh Bafna as its CFO. Bafna is also an ex-CFO of Myntra and an early member of the Flipkart team and has almost 2 decades of experience overall. Zepto said 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. In Mid-May, Bafna will take over the role from Jitendra Nagpal.
"Ramesh (Bafna) is a best-in-class e-commerce CFO and he will build a best-in-class Finance team at Zepto. Through disciplined execution, Zepto is delivering incredible progress on growth and profitability,” said Zepto’s co-founder and CEO, Aadit Palicha.
He added, “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!”
"I am really excited to be back in the next phase of India's e-commerce journey, which is quick, fresh, and decentralized,” said Zepto’s Incoming CFO, Ramesh Bafna. “Zepto is reimagining consumer internet with depth, operating discipline, and a long-term sustainable model.”
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