Policy · Commerce & Consumer Brands

Zepto summoned in Parimatch money laundering probe

What they do

Zepto is a quick commerce platform delivering groceries and essentials in minutes

The Enforcement Directorate summoned co-founders over ads for banned betting platform Parimatch on Zepto's app and flyers

Zepto said it fully cooperated and traced the matter to a third-party ad placed in March 2025

The Enforcement Directorate (ED) asked Zepto to join a money laundering probe into Parimatch, a Cyprus-based banned betting platform.
The ED summoned co-founders Aadit Palicha and Kaivalya Vohra under the Foreign Exchange Management Act (FEMA) on April 8, 2026.
The summons sought foreign investment details, balance sheets since FY21, shareholding, loans, IT returns, bank accounts, and a business model note.
Vohra appeared before the ED on April 17 and April 22, 2026; Palicha appeared on April 20 and May 15, 2026.
Zepto stated the founders gave the ED all requested documents, including holding structure, scheme of arrangement, business agreements, and invoices.
Zepto said it had no further communication from the ED after submissions but warned of possible future inquiries or penalties.
The ED alleged Parimatch duped users and generated over ₹3,000 crore in a year, routing money through mule accounts and hawala channels.
On May 26, the ED searched 17 locations across six states and froze ₹112 crore in the Parimatch case.

Ministry of Information and Broadcasting advisories since June 2022 have barred direct and surrogate betting advertisements.
A March 2024 advisory said intermediaries lose safe harbour under Section 79 of the IT Act if they do not quickly remove unlawful content.
Section 9 of the Prohibition of Gambling Activities Act (PROGA) criminalises advertising of banned real-money games, with imprisonment up to two years and fine up to ₹50 lakh.

Zepto is a quick commerce platform founded in 2021 that delivers groceries and essentials in minutes.
It competes with Blinkit, Swiggy Instamart, Flipkart Minutes, and Amazon Now.
In Q4 FY26, Zepto reported revenue of ₹7,498 crore, up 75% year-on-year.
Its net loss in Q4 FY26 was ₹1,539 crore, narrowed from ₹1,832 crore a year earlier.
For the full FY26, revenue more than doubled to ₹24,164 crore from ₹11,109 crore in FY25.
Full-year net loss narrowed to ₹1,248.6 crore from ₹1,953.7 crore in FY25.

Zepto filed an updated Draft Red Herring Prospectus (DRHP) with SEBI on June 9, 2026 for its IPO.
The IPO includes a fresh issue of shares worth ₹8,010 crore and an Offer for Sale (OFS) of 113 million shares by existing shareholders.
Total IPO size is $1 billion (₹9,500 crore).
OFS sellers include Nexus Venture Partners, Contrary Capital, Kaiser Permanente, and Razor Capital.
Zepto received SEBI approval for the IPO in May 2026 and aims for a July 2026 listing.

Product: A rapid-delivery app for groceries and everyday essentials.
Customers: Consumers ordering groceries and essentials online.
How it makes money: It earns from product margins, delivery fees, and order-value thresholds across its quick-commerce network.
What sets it apart: It was built as a quick-commerce native company from day one.
Operations: Operates dark-store based 10-minute delivery across multiple Indian cities.