Zepto Elevates Devendra Meel To Chief Business Officer

Just a few days after raising a funding of $665 Mn at a valuation of $3.6 Bn, quick commerce unicorn Zepto has now elevated senior vice president of strategy and head of its membership programme Zepto Pass, Devendra Meel, to chief business officer.

In his new role, Meel will now lead category management and cultivate brand partnerships, focusing on optimising assortment, pricing, availability, and the growth of all core categories on the platform, the company said in a statement.

Aadit Palicha, cofounder and CEO, Zepto, said, “Meel has had an incredible run at Zepto. After joining us a year ago, he played a key role in scaling our advertising business to hundreds of crores in revenue and, more importantly, built out Zepto Pass end-to-end: from an idea to 5M+ subscribers today.”

“Having a front-row seat in a company poised to redefine Internet India is the opportunity of a lifetime. I am deeply committed to this mission and will bring all my energy and dedication to it,” Meel said.

As per the company, Meel’s new role as CBO highlights his transformative initiatives and strategic vision at Zepto, aligning with the company’s ambitious growth plans and commitment to fostering internal talent and innovation.

With over 11 years of cross-functional experience in strategy, monetisation, P&L management, investments, and business operations across industries like food tech, telecom, renewables, and retail, Meel was previously associated with firms like Zomato, Jio and Reliance before joining Zepto.

Founded in 2021 by Palicha and Kaivalya Vohra, Zepto has grown rapidly on the back of increasing demand for quick 10-minute deliveries. Last year, Zepto became the first unicorn of 2023 after raising $200 Mn in its Series E funding round.

It is pertinent to note that Zepto is looking to shift its base to India and is eyeing a public listing in 2026.

Zepto competes against the likes of Zomato-backed Blinkit, Swiggy Instamart. 

This development follows Palicha’s statement that the quick commerce startup has the potential to surpass the valuation of retail chain DMart by concentrating on the top 40 cities in the country. 

He said that Zepto plans to expand its presence to these cities and has no intention of expanding beyond them for at least five years.

While Zepto has yet to file its financial statement for FY24, its operating revenue surged 14.3X year-on-year to INR 2,024.3 Cr in FY23, with a net loss of INR 1,272.4 Cr for the same period.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.