ED Summons Zepto Founders Ahead Of IPO; Aadit Palicha, Kaivalya Vohra Questioned Over Foreign Investments

Mumbai: Quick-commerce startup Zepto disclosed in its updated Draft Red Herring Prospectus (DRHP) that its founders, Aadit Palicha and Kaivalya Vohra, were summoned by the Enforcement Directorate (ED) earlier this year, months before the company’s proposed initial public offering (IPO).

According to a MoneyControl report citing the filing, the ED issued summons on April 8, 2026, seeking details related to foreign and overseas investments, audited financial statements since FY21, shareholding patterns, loans and guarantees, income tax returns, bank account details, immovable properties and the company’s business model.

Both Founders Appeared Before ED

The filing stated that Kaivalya Vohra appeared before ED officials on April 17 and April 22, while Aadit Palicha attended questioning on April 20 and May 15. During the proceedings, both founders submitted the information and documents sought by the agency, along with additional details regarding the company’s holding structure, scheme of arrangement, business agreements, and invoices.

Zepto clarified in its filing that neither the company nor its founders have received any further communication from the ED following the submission of the requested documents. “The Company and its founders have not received any further communication in relation to the aforementioned summons,” the filing noted, according to the report. However, the company cautioned investors that it cannot rule out the possibility of future inquiries, investigations, legal proceedings or penalties arising from the matter.

The disclosure comes as Zepto moves forward with plans for its stock market debut. The company is seeking to raise Rs 8,010 crore through a fresh issue of shares and is expected to be among the most closely watched technology IPOs in India this year.

Zepto's Revenue Sees Major Hike

The updated DRHP also highlighted the company’s strong financial growth. Zepto reported revenue from operations of Rs 24,164 crore in FY26, more than doubling from Rs 11,109 crore in FY25. Its net loss narrowed majorly to Rs 1,248.6 crore from Rs 1,953.7 crore during the same period.

For the quarter ended March 2026, revenue surged 75 per cent year-on-year to Rs 7,498 crore. The company also reported a substantial improvement in profitability metrics, with adjusted EBITDA losses narrowing sharply.

Founded in 2021 by Palicha and Vohra, Zepto has rapidly emerged as one of India’s leading quick-commerce players, competing with Blinkit, Swiggy Instamart, Flipkart Minutes and Amazon Now in the fast-growing instant-delivery market.

While the ED summons disclosure is likely to attract attention from investors ahead of the listing, the company has maintained that it has fully cooperated with the investigation and has not received any further notice from the agency.