Quick commerce startup Zepto has disclosed that its founders, Aadit Palicha and Kaivalya Vohra, were summoned by the Enforcement Directorate in April 2026 in connection with a matter under the Foreign Exchange Management Act , according to the company’s updated draft red herring prospectus (DRHP) filed ahead of its planned IPO.
According to the disclosure, the ED sought information related to Zepto’s foreign investments, shareholding structure, and certain business and tax-related records. The company stated that the founders furnished the requested information and documents to the agency. As of the filing date, no further communication had been received from the regulator regarding the matter.
The disclosure comes as Zepto takes another step toward what is expected to be one of India’s most closely watched startup listings this year. The company recently filed an updated DRHP with the Securities and Exchange Board of India (SEBI), outlining plans for a public issue that could raise as much as $837 million (approximately Rs 8,000 crore through fresh issuance, excluding pre-IPO placement options and offer-for-sale components).
While the ED summons has been listed under risk factors in the prospectus, the filing indicates that the matter currently remains an information request rather than an enforcement action. The company has not reported any penalties, charges, or ongoing proceedings against its founders in relation to the disclosure.
With the updated prospectus now filed and investor roadshows expected to begin soon, Zepto appears to remain on track for a potential market debut in the coming months. The company’s disclosure regarding the ED summons reflects the increased transparency required of firms preparing to go public, as investors scrutinise both financial performance and regulatory risks ahead of listing.
