India, June 9 -- Amid a dry spell for startup IPOs in India, quick commerce major Zepto filed its updated draft red herring prospectus (UDRHP) with the markets regulator SEBI yesterday.

While the 690-page-long IPO papers position the company as the fastest growing quick commerce player in India, with improvement in its bottom line while sustained revenue jumps over the past few fiscals, they also shed light on what's happening behind the scenes.

For one, Zepto's cofounders, Aadit Palicha and Kaivalya Vohra, were summoned by the Enforcement Directorate (ED) just last month pertaining to information surrounding the company's foreign investments, owned immovable properties, shareholding pattern, loans, guarantees, income tax records, bank ...