Zepto IPO: Updated DRHP Discloses ED Summons To Co-Founders Aadit Palicha, Kaivalya Vohra

Quick commerce startup Zepto has disclosed in its updated draft red herring prospectus (DRHP) that co-founders Aadit Palicha and Kaivalya Vohra were summoned by the Enforcement Directorate (ED) ahead of the company's nearly Rs 10,000 crore initial public offering.

According to the filing with market regulator SEBI, the summons dated April 8, 2026 seeked information on foreign and overseas investments, audited financial statements since FY21, shareholding patterns, loans and guarantees, income tax returns, bank account details, immovable properties and a note on the company's business model.

Also Read: Zepto Files Updated DHRP For Nearly Rs 10k Crore IPO; Plans July Debut

Under the Risk Factors section in its updated DRHP filing with SEBI, the company further noted that "Certain of our Promoters have received directives with requests for information from the Directorate of Enforcement, Ministry of Finance, Government of India to furnish information and documents in relation to our business and themselves."

The documents ED has requested the Bengaluru-headquartered company to furnish details of foreign investments and overseas investments, audited balance sheets since Financial Year 2020-2021, owned immovable properties, shareholding pattern, and details of loans/guarantees. 

The other critical information sought includes income tax returns and bank accounts, note on our business model, in relation to proceedings under the Foreign Exchange Management Act, 1999 (“Summons”).

Complying with the Summons, “Kaivalya Vohra appeared before the ED on April 17, 2026 and April 22, 2026, and Aadit Palicha on April 20, 2026 and May 15, 2026, respectively,”as per the updated DRHP filing. 

Further, Zepto noted that “as on the date of this Updated Draft Red Herring Prospectus – I, they have provided relevant information and documents as requested by ED pursuant to the Summons, as well as follow-on information requested by the ED further to their interactions, including certain details in relation to our holding structure, the Scheme, and additional information in relation to our business such as business agreements and invoices.”

Meanwhile, the quick-commerce player has not received any further communication from the ED since submitting our response.

“We cannot assure you there will not be future inquiries or that these could escalate to investigations, legal proceedings or any possible penalties. 30. There are pending litigations involving our Company, Promoters, Directors, and Key Managerial Person,” it said.