Mumbai-based rapid grocery delivery unicorn Zepto has promoted Devendra Meel to the position of Chief Business Officer (CBO), effective July 2024, as part of its strategic expansion efforts.
In his new role, Meel will take charge of category management and bolster brand partnerships across Zepto’s platform. This includes overseeing assortment strategies, pricing dynamics, product availability, and driving growth in core categories.
Before joining Zepto, Meel held pivotal roles where he led special initiatives at prominent firms like Zomato and Reliance Jio. He brings with him a distinguished background, having graduated from IIM Bangalore and showcasing a strong track record in strategic leadership.
Meel joined Zepto in July last year and has since made significant contributions, particularly in scaling the company’s advertising business to generate substantial revenue. He also played a crucial role in the inception and growth of Zepto Pass, a subscription service that now boasts over 5 million subscribers.
Aadit Palicha, co-founder and CEO of Zepto, commended Meel’s achievements, emphasizing his instrumental role in expanding the advertising business and driving the rapid growth of Zepto Pass. Palicha noted, “Devendra has operated with an entrepreneurial spirit, dedicating himself to making Zepto Pass economically viable and spearheading its swift launch.”
Regarding his new appointment, Meel expressed enthusiasm, stating, “Being part of Zepto’s journey to redefine Internet commerce in India is a tremendous opportunity. I am fully committed to our mission and eager to contribute my energy and dedication. Zepto’s dynamic environment presents high-stakes challenges and immense potential for professional growth.”
He added, “For those seeking such opportunities, our business team is actively hiring across various roles.”
Meel’s elevation to CBO comes on the heels of Zepto’s recent funding round, where the company secured $665 million at a valuation of $3.6 billion. Investors in this round included Glade Brook Capital, StepStone Group, Nexus Venture Partners, Goodwater Capital, and Lachy Groom.
Zepto has demonstrated strong financial performance with near EBITDA positivity, achieving a remarkable 140% year-on-year growth and an annualized gross merchandise value surpassing $1 billion. As of May 2024, approximately 75% of its stores were fully EBITDA positive, underscoring its operational success in the competitive grocery delivery sector.
In conclusion, Zepto’s appointment of Devendra Meel as Chief Business Officer underscores its commitment to strategic leadership and growth amidst a thriving market landscape. With ongoing expansions and innovative initiatives like Zepto Pass, the company remains poised for continued success in transforming grocery delivery services across India.
