Quick commerce platform Zepto has disclosed in its updated Draft Red Herring Prospectus (DRHP) that the Enforcement Directorate summoned its co-founders, Aadit Palicha and Kaivalya Vohra, in April 2026 under the Foreign Exchange Management Act (FEMA).
The updated DRHP confirmed that the ED sought details on the company's foreign investments, shareholding pattern, bank accounts, tax returns, audited financials since FY21, immovable properties, and its overall business model.
Zepto had received SEBI's formal approval for an IPO in May 2026 and the updated DRHP has disclosed ED summons under the risk factors section.
The founders did comply with the request, though there is no mention of the company receiving further communication from the agency. Vohra appeared before the ED on April 17 and April 22 while Palicha appeared on April 20 and May 15.
The summons were issued under FEMA, which is civil in nature and are typically triggered by foreign exchange compliance gaps, cross-border investment structures or reporting lapses - concerns that are not too uncomnmon for startups with complex offshore holding structures.
From a legal perspective, an ED summon under FEMA is not a routine correspondence for a company looking to get listed in stock markets. That said, it is also not uncommon for high-growth startups that have raised large rounds from foreign investors to attract ED scrutiny, particulary around FEMA compliance.
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