Zepto hires CoinSwitch Kuber’s Ramesh Bafna as CFO

Bafna will replace Jitendra Nagpal – who joined Zepto in September 2021 – by the middle of next month, according to a statement by the firm.

Previously a CFO at online fashion platform Myntra, Bafna joins Zepto at a time when new-age firms across segments are looking to curtail their spending and trying to grow amid challenging macroeconomic conditions.

Quick commerce platforms in particular are looking to cut their burn to extend runways amid the ongoing funding winter.

“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 at Zepto.

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.”

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Zepto raised $200 million in November last year after which it was valued at $900 million. It competes against rivals like Zomato’s Blinkit, Swiggy’s Instamart, BigBasket’s BB Now and Reliance Retail-backed Dunzo. ET reported earlier this month 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.