This word is more often used in India's metro cities & like.
New Delhi, Mumbai, Gurgaon, Kolkotta, Noida, Pune, Bangalore, Ahmedabad, Chennai etc..
Happening place or person (usaully a hunk in case of a person).
Mostly a metrosexual guy fully equipped with technolgy, generally carrying a latest mobile phone & roaming around in an expensive car wearing expensive looking cloths, knows most of the stuff being talked about particularly by Gen X Y & is more often than not into hip hop kind of music.
"XYZ is the most hep-shot market of Delhi unlike GB Road"
Girls: I wanna fuck him, he's a hep-shot!
More girls: Me too but in his new BMW!