Zepto's unknown "co-founder" and his multi-million-dollar payout

UPDATE: The original version of this article was titled 'Zepto's unknown co-founder and his $30 mn payout'. This as well as details of Ali Gul Tabba's payout have been changed for the sake of accuracy after additional documentation emerged following the publication of this story.

The past year has been something of a banner year for quick commerce startup Zepto. Not only did it close out the year ended March 2023 with its topline growing 14X to Rs 2,024 crore, but it also finally crossed the unicorn threshold in August 2023 after a $200 million Series E fundraise. The fundraise saw Zepto’s valuation jump from $900 million to approximately $1.35 billion—a nearly 50% rise.

Now, the company appears to be preparing for its next big milestone—flipping from Singapore, where its holding company is domiciled, back to India before the year is out. And while the timeline for the actual flip is still some distance away, the preparations have already thrown up a curious bit of information.