Zepto, one of India’s fastest-growing quick commerce startups, has witnessed another significant leadership change with the resignation of Rakesh Mohite, the Vice President of Finance. This development comes amid a series of top-level exits as the company gears up for an aggressive expansion and its much-anticipated IPO in 2025.
Rakesh Mohite’s Departure: A Key Exit in Zepto’s Leadership
Rakesh Mohite, a seasoned Chartered Accountant, had been with Zepto since September 2021, contributing over three and a half years to the company’s rapid growth journey. Before joining Zepto, Mohite held a senior finance role at Pepperfry for nearly six years. Sources confirm that Mohite has completed his notice period and moved on, though his next professional step remains undisclosed.
His exit marks the third major departure from Zepto’s leadership ranks in recent months, following the resignations of Martin Dinesh Gomez, the Chief Human Resource Officer, and Jitendra Bagga, Vice President of Central Operations. Zepto has not publicly commented on Mohite’s resignation.
Leadership Exodus Amidst Rapid Growth and Market Competition
Zepto’s leadership reshuffle is occurring at a critical juncture. The quick commerce startup has rapidly ascended to become the second-largest player in India’s instant grocery delivery market, competing fiercely with Blinkit, Swiggy Instamart, Big Basket, and Flipkart Minutes.
Martin Dinesh Gomez, Zepto’s CHRO, resigned after an 11-month tenure, with Chandan Mendiratta stepping in as Chief Culture Officer to oversee HR and branding.
Jitendra Bagga, who managed warehousing and logistics operations, left after nine months, coinciding with Zepto’s headquarters relocation from Mumbai to Bengaluru.
Other senior executives such as Viral Jhaveri (Chief Business Officer), Ashish Shah (Senior VP Finance), and Manik Oberoi (VP Growth and Retention) have also exited this year.
This wave of departures reflects the intense pressures and evolving dynamics within the quick commerce sector, which demands rapid scaling, operational excellence, and strategic agility.
Zepto’s Growth Trajectory and IPO Plans
Despite the leadership churn, Zepto’s business fundamentals remain strong. The company is nearing an annualized gross order value (GOV) of $4 billion, with a remarkable 4x year-over-year growth and a 30% increase since January 2025. Zepto is also closing in on EBITDA breakeven, having cut losses and cash burn by 50% in recent months.
Zepto operates an extensive network of over 550 dark stores across multiple cities, enabling 10-minute grocery deliveries that have won customer loyalty in urban India. The startup plans to expand into over 50 cities soon, with a separate app launch for Zepto Café, focusing on quick food and snack deliveries.
The company is actively preparing for its initial public offering (IPO), expected in 2025, with Goldman Sachs, Morgan Stanley, and Axis Capital appointed as bankers. Zepto aims to increase domestic ownership ahead of its public listing, targeting to raise over $500 million.
The Quick Commerce Landscape in India
India’s quick commerce sector is booming, driven by rising internet penetration, urbanization, and changing consumer lifestyles. The market for online grocery delivery is projected to grow exponentially, with Zepto and competitors like Blinkit and Swiggy Instamart battling for market share.
Zepto’s tech-driven logistics model, focused on micro-warehouses or dark stores near customers, allows it to promise delivery within 8-10 minutes, a key differentiator in the space.
What Lies Ahead for Zepto?
While leadership exits can pose challenges, Zepto’s internal promotions and strategic hires indicate a focus on stability and growth. The company’s ability to maintain operational momentum and investor confidence will be crucial as it approaches its IPO and expands its footprint.
As the quick commerce war intensifies, Zepto’s journey reflects both the opportunities and complexities of scaling hyper-fast delivery services in India’s dynamic e-commerce ecosystem.