Zepto co-founders Kaivalya Vohra (left) and Aadit Palicha
Zepto co-founders Aadit Palicha and Kaivalya Vohra have been questioned by Enforcement Directorate (ED) in April in a Foreign Exchange Management Act (FEMA) case, with investigators examining their overseas investments, audited financial statements, shareholding patterns, loans and guarantees, and income-tax returns to ascertain contravention of law.Zepto, the quick-commerce firm which is coming with an IPO, disclosed this in its updated Draft Red Herring Prospectus (UDRHP). At the same time, Zepto wrote in its draft IPO document that they have not received any further communication from the ED after submitting documents and information sought. “We cannot assure you there will not be future inquiries or that these could escalate to investigations, legal proceedings or any possible penalties,” they disclosed.“Two of our promoters, namely, Aadit Palicha and Kaivalya Vohra had received summons, each dated April 8, 2026, from the Directorate of Enforcement, Ministry of Finance, Government of India, requiring them to appear before the ED, to produce certain documents and/or provide information in relation to our company and/or themselves...,” it said.While Vohra appeared before the ED on two days -- April 17 and April 22, Palicha turned up on April 20 and May 15, respectively.Information sought by the probing agency was about details of foreign investments and overseas investments; audited balance sheets since FY21, owned immovable properties, shareholding pattern, details of loans/guarantees, income-tax returns and bank accounts, note on our business model, in relation to proceedings under the Foreign Exchange Management Act, 1999.Zepto said they have provided relevant information and documents as requested by the ED, pursuant to the summons, as well as follow-on inputs requested by the agency further to their interactions, including certain details in relation to holding structure, the scheme and additional information in relation to business such as business agreements and invoices.₹8,010-crore IPO onThe company, on Monday, filed updated draft papers with markets regulator SEBI to raise ₹8,010 crore through a fresh issue of shares as part of its proposed initial public offering (IPO).Along with the fresh issue, there will be an offer for sale of 11.35 crore equity shares by existing shareholders, according to the UDRHP.Despite the disclosure, Zepto is moving ahead with its IPO targeted for a July launch.Published on June 9, 2026
