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India's strong growth leading to trend of 'reverse flipping' for startups
Economic Times
·
1y ago
Medial
India's strong economic growth is causing a reverse trend of startups returning to the country instead of going abroad for capital access and tax benefits. Commerce Secretary Sunil Barthwal highlighted the significant growth rate of India compared to other emerging markets. He emphasized the role of the digital economy, technologies like AI, and the rise of data centers in driving India's future growth. The remarks were made at an investment event in Singapore, attracting global investors and showcasing opportunities in India.
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India’s listed digital firms’ market in early days as ‘reverse flipping’ gains steam: Bay Capital
Economic Times
·
2m ago
Medial
India's digital-first companies, valued over $90 billion, remain in early stages of market maturity, with a significant concentration in a few firms. Bay Capital reports a trend of startups "reverse flipping," moving their domicile to India for IPOs, driven by better capital availability and valuations. Regulatory changes and a richer domestic capital pool fuel this trend. The market is expected to grow, but sustainable business models and strong governance are deemed crucial for long-term success.
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Moglix Has Desh Wapsi On The Cards As It Eyes 2027 Public Listing
Inc42
·
1y ago
Medial
B2B ecommerce platform Moglix is planning to relocate its base to India as it aims to make a public market debut within the next two years. The move follows a trend among Indian startups looking to tap into the domestic capital markets and benefit from the ease of doing business in India. However, there are significant tax implications associated with the reverse flipping process. Moglix's CEO, Rahul Garg, highlighted the company's strong brand presence in India as a favorable factor for its listing there. The company reported an operating revenue of INR 4,664.7 Cr in FY23, with losses reaching INR 193 Cr.
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What’s next for India’s unicorn club in 2024?
Inc42
·
1y ago
Medial
The Indian startup ecosystem experienced a slowdown in creating new unicorns in 2023, with only two emerging, marking the lowest number since 2017. However, as investors regain confidence in 2024, at least a dozen startups are expected to join the unicorn club. The fintech sector is likely to produce the most new unicorns, followed by ecommerce and enterprise tech. Startups are also considering going public to secure funds, with 14 tech startups expected to list in 2024. Additionally, the trend of reverse flipping, or redomiciling Indian startups back to India, is becoming prominent.
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Govt fast-tracks approval process for overseas-headquartered startups' mergers into Indian arms
Economic Times
·
11m ago
Medial
To boost reverse flipping, India has announced a fast-track approval process for merging a foreign-incorporated startup with its Indian arm. The National Company Law Tribunal (NCLT) clearance requirement will be eliminated, and instead, Reserve Bank of India (RBI) approval will be necessary along with government approval. This change, effective from September 17, will benefit startups founded by Indians overseas who want to return to India and take advantage of the country's growth opportunities. The move aims to simplify the regulatory process and tap into India's favorable capital markets and government support.
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Zepto Joins Reverse Flip Parade; Eyes India IPO In 2026
Inc42
·
1y ago
Medial
Indian unicorn Zepto, backed by Nexus, is considering a reverse flip to India, aiming for registration as an Indian company by 2024 and a public listing by 2026. The reverse flipping structure is yet to be finalized, but Zepto is reportedly exploring a share swap, with shareholders of the Singapore entity receiving shares of the Indian entity. This move aligns with a trend among Indian unicorns to redomicile to India, but challenges, such as tax implications and regulatory approvals, need careful consideration.
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‘Majority of India won’t pay for convenience’: Meesho co-founder Vidit Aatrey on quick commerce
Business Today
·
5m ago
Medial
Meesho co-founder Vidit Aatrey emphasizes affordability and accessibility as crucial for engaging India's online consumers and small businesses. As Meesho anticipates a public offering, the company has approached the NCLT for reverse flipping to India, planning to file its DRHP later this year. Over the past five years, Meesho experienced a 60-fold market growth. Significant funding comes from investors like Tiger Global, Think Investments, Mars Growth Capital, Peak XV Partners, and WestBridge Capital.
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ET Soonicorns Summit 2024: Reverse-flipping a trend, the future language of machines might be English, funding spring imminent, Karnataka’s booming startup ecosystem, and bridging the gender funding gap—morning wrap
Economic Times
·
10m ago
Medial
The ET Soonicorns Summit 2024 in Bengaluru featured various insightful sessions. BV Naidu, Chairman of Karnataka Digital Economy Mission, highlighted the thriving startup ecosystem in Bengaluru, which has produced 53 out of India's 115 unicorns. Hari Menon, Co-founder of BigBasket, discussed the growth of quick commerce, while Mayank Kumar, Co-founder and MD of upGrad, explored the future of machine learning and coding languages. Other panels addressed topics such as reverse-flipping startups, bridging the gender funding gap, and balancing regulatory issues in fintech. The summit continues with sessions on fundraising strategies.
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BT Exclusive: At least 90% of India’s foreign domiciled unicorns will flip back to India, says Siddarth Pai
Business Today
·
10m ago
Medial
- Reverse flipping is a growing trend in the Indian start-up landscape, with companies like PhonePe and Groww successfully completing the transition. - Reverse flipping involves relocating assets, operations, and intellectual property rights from foreign bases back to India. - The dislocation between headquarters and operations has been a concern for Indian start-ups, and a simplified structure in India can result in less friction with authorities and ease of management. - Investor sentiment, both local and global, towards Indian start-ups is improving, and the shift back to India is driven by the higher value creation in the Indian market and the inability of the Indian public to participate in IPOs of overseas entities. - The Indian government's policies and infrastructure need improvements, such as a tax-free redomicile process, greater flexibility in issuing instruments, easier M&A norms, and a stronger corporate law system with dedicated courts. - It is expected that a significant number of foreign-domiciled unicorns and funded start-ups will flip back to India, with non-funded start-ups also likely to join the trend.
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Flipkart plans to relocate to India from Singapore ahead of potential IPO
YourStory
·
3m ago
Medial
E-commerce giant Flipkart plans to relocate its holding company from Singapore to India, aligning operations with the Indian economy and preparing for a potential IPO, following in the footsteps of other companies reverse flipping to India. The move coincides with Flipkart's commitment to supporting digital transformation in India, leveraging opportunities within the country's growing market. Meanwhile, PhonePe, another Walmart venture, is also preparing for an IPO, highlighting a trend of increasing public listings in India.
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Iron out ‘reverse flipping’ kinks: Startups tell govt
Economic Times
·
3m ago
Medial
The Indian government is working to simplify the 'reverse flipping' process, which allows startups domiciled overseas to relocate to India. However, startups are urging further reforms to remove procedural hurdles, particularly around complex shareholding structures and foreign investment regulations. Successful examples include Dream Sports and Pine Labs relocating operations to India. The Ministry of Corporate Affairs plans to expand the fast-track merger scope to aid more startups, while companies like Razorpay and Meesho are undergoing the process.
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