India, June 9 -- Zepto co-founders Aadit Palicha and Kaivalya Vohra received summons from the Enforcement Directorate (ED) in April this year in connection with proceedings under the Foreign Exchange Management Act (FEMA).

The revelation came in the Initial Public Offering (IPO)-bound quick commerce firm's updated Draft Red Herring Prospectus (UDRHP), in the section on risk factors.

The ED sought information and documents related to foreign investments, financials, and the company's business.

According to the updated DRHP submitted in Monday, the ED sought details including foreign and overseas investments, audited financial statements, shareholding patterns, information on loans and guarantees, income tax returns, bank accounts, immov...