Agarwal joined the company last year, and his elevation comes after Zepto recently raised $200 million in fresh capital, in a round led by StepStone, a limited partner of Nexus Venture Partners. He has previously been with Orinko, as a founder. At Orinko, he attempted to establish a consumer brand for fruits and vegetables.
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With this promotion, Agarwal will now have end-to-end ownership of the product, encompassing the consumer experience, 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, snagging 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.
However, Zepto has witnessed a series of high-level exits, including chief marketing officer Amritansu Nanda, who left after a two-year tenure. The company also saw the departure of its engineering head, Yash Dayal, and chief financial officer, Jitendra Nagpal, earlier this year.
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In April, Zepto hired Ramesh Bafna as its chief economic officer. Bafna previously held the same position at lifestyle ecommerce 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 faces competition from rival quick commerce platforms such as Swiggy’s Instamart, BigBasket’s BB Now, Zomato’s Blinkit and Reliance Retail-backed Dunzo.