Zepto, the quick-commerce platform, made an announcement on Friday, appointing Ankit Agarwal as its Chief Product Officer, thus elevating him from his prior position as Senior Vice President of Product.
Agarwal became part of the company’s team just last year, and his promotion coincides with Zepto’s recent successful funding round, which secured $200 million in new capital. This funding round was led by StepStone, a limited partner of Nexus Venture Partners. Prior to joining Zepto, Agarwal served as a founder at Orinko, where he endeavored to establish a consumer brand specializing in fruits and vegetables.
With this advancement, Agarwal will assume comprehensive ownership of the product, spanning the entire spectrum of responsibilities from the consumer experience to the supply chain and last-mile delivery.
Founded in 2021 by two Stanford dropouts, Aadit Palicha and Kaivalya Vohra, Zepto emerged as the first unicorn in India in 2023, securing a valuation of $1.4 billion.
“We’re not following trends; we’re setting them. I’m excited to be part of the team that is revolutionizing commerce in India,” Agarwal said in a statement.
Nonetheless, Zepto has experienced a string of senior departures, with Chief Marketing Officer Amritansu Nanda departing after a two-year stint. Additionally, the company bid farewell to its Engineering Head, Yash Dayal, and Chief Financial Officer, Jitendra Nagpal, earlier this year.
In April, Zepto appointed Ramesh Bafna as its Chief Economic Officer, with Bafna having previously served in the same capacity at lifestyle e-commerce platform Myntra and CoinSwitchKuber.
“A major part of the journey that lies ahead will be driven by innovation in product and technology. I’m confident that there is no one better suited in the country to lead the team on our journey to establish Zepto as the best product company in India,” said Vohra, referring to Agarwal.
The company is in direct competition with rival quick-commerce platforms, including Swiggy’s Instamart, BigBasket’s BB Now, Zomato’s Blinkit, and Dunzo, backed by Reliance Retail.
