StepStone-backed Zepto elevates Ankit Agarwal to chief product officer

Shortly after joining the unicorn club, quick commerce firm Zepto has elevated Ankit Agarwal to the position of chief product officer.

With over 13 years of product experience in companies such as Flipkart, Delhivery and Infra.Market, Agarwal joined Zepto in August last year as senior vice president of product to lead the functions of fulfilment charter, supply chain, last mile, and finance tech. Earlier, Agarwal founded Orinko, a fruits and vegetables consumer brand.

In his new role, Agarwal will be in charge of product, end-to-end, from consumer to supply chain and last mile, Zepto said in a statement.

“We're not following trends; we're setting them. I'm excited to be part of that team that is revolutionising commerce in India," Agarwal said.

"A major part of the journey that lies ahead will be driven by innovation in product and technology. Ankit embodies the best of Zepto’s culture, demonstrating his ability time and time again to operate with incredible ownership, rigour, ambition, and deep customer centricity," said Kaivalya Vohra, Chief Technology Officer at Zepto.

Last month, the Y Combinator-backed company raised a Series E funding of $200 million, making it the first startup to attain unicorn status in 2023.

StepStone-backed Zepto, which is led by Aadit Palicha and Vohra, aims to use the funds to deepen its presence in Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata. The firm is also looking to double down on its Zepto Café offering to drive better margins and expand order volumes.

Within two years of launch, the startup has generated revenue of $50 million - $60 million every month. It has also managed to reduce cash burn by 70% from last year, by focusing on improving operational efficiencies, said the company.