Zepto founders received ED summons under FEMA

Zepto co-founders Aadit Palicha and Kaivalya Vohra received summons from Enforcement Directorate (ED) in April this year, seeking information and documents related to foreign investments, financials, and the company’s business, in connection with proceedings under the Foreign Exchange Management Act (FEMA), the IPO-bound quick commerce firm has disclosed in its updated Draft Red Herring Prospectus (UDRHP).

The disclosure appears in the section on risk factors of the latest document.

According to the updated DRHP, the ED sought details including foreign and overseas investments, audited financial



statements, shareholding patterns, information on loans and guarantees, income tax returns, bank accounts, immovable properties, and a note on Zepto’s business model. The summons, dated April 8, 2026, required the founders to appear before the ED to furnish relevant documents and information.

“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.