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Eruditus joins queue of reverse flips by Indian startups, weighs IPO
Economic Times
·
1y ago
Medial
Edtech unicorn Eruditus is considering shifting its domicile from Singapore to India as it explores the possibility of a listing on the domestic stock exchange. The company, which reported revenues of ₹3,322 crore ($400 million) in fiscal year 2023, is engaging with two Big Four firms in preparation for the move. Eruditus' revenue grew by 75% in FY23, making it the second-largest online education company in India. Several Indian internet firms are considering "reverse flipping" to take advantage of rich valuations in the local market.
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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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Singapore-based Eruditus plans to shift HQ to India for IPO
Livemint
·
1y ago
Medial
Indian edtech firm Eruditus is planning to change its domicile from Singapore to India in preparation for an IPO, according to the company's CEO. Eruditus offers online courses from various universities, competing with Coursera. The move is driven by the allure of India's high stock market valuations and ample liquidity. While the company has begun preparations for an Indian IPO, the actual listing is expected to take place in at least two years. The decision to shift domestic jurisdiction offers companies better access to capital and a more favorable regulatory environment.
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SoftBank-backed Eruditus may shift domicile to India for IPO
VCCircle
·
1y ago
Medial
Indian educational technology firm Eruditus, backed by SoftBank, is considering shifting its domicile from Singapore to India for a potential stock market listing. The company offers online courses from various universities and competes with Coursera. The CEO stated that the attractive valuations and abundant liquidity in the Indian stock markets make an IPO in India more appealing. However, any potential listing is at least two years away. Eruditus has raised $585 million in primary capital to date and reported a revenue of $400.3 million for the financial year ending June 2023.
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Flipkart targets to shift domicile from Singapore to India
Entrackr
·
1y ago
Medial
E-commerce major Flipkart is planning to shift its domicile or holding company from Singapore to India, according to a media report. With this, it will join several late stage companies which are also planning to move back to India over the next few months. The domicile shift can be linked to Flipkart’s plan to go for an initial public offering (IPO) in the near future, ET reports. Walmart-controlled Flipkart will be the second firm from the group which is planning to shift the domicile. Earlier, PhonePe became the first to do a reverse flip. It’s worth highlighting that PhonePe was fully separated from Flipkart Group in December 2022. PhonePe’s investors had to pay Rs 8,000 crore in taxes to the government for the move and Flipkart is also expected to pay heavy taxes in the process. The quantum of the tax to move domicile depends on the company’s valuation and third-party audits. Flipkart was last valued at $33 billion after a $600 million funding from existing backers in December last year. Also, it’s the most valued Indian-origin private company till now. In July 2021, Flipkart received $3.6 billion led by SoftBank at a valuation of $37.6 billion. The company was revalued at $33 billion after separation from PhonePe. Entrackr has reached out to Flipkart for comments. Walmart owns nearly 85% stake in Flipkart followed by Tencent and CPP Investment which own 7.1% and 2.3% shares, respectively. The company’s co-founder Binny Bansal officially exited the company in January this year. Most recently, fintech unicorn Groww announced moving back its base to India from the US. The firm already completed the process in March this year. Besides the above-mentioned three companies, KreditBee, Pine Labs, Razorpay, Meesho, Eruditus and Zepto have been working on reverse flips.
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Meesho concludes reverse flip process; likely to file DRHP in 2–3 weeks
Economic Times
·
1m ago
Medial
Meesho has completed the reverse flip, relocating its domicile to India ahead of its planned IPO. The company, previously incorporated in the US, is now fully Indian after board approval for the merger. Having secured $550 million in recent funding, it’s valued around $3.9-4 billion. Meesho plans to file its IPO prospectus within weeks and has hired top financial firms for the process. It follows other startups moving to India for public listing.
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Fintech firm Pine Labs weighs $1 billion IPO in India
Economic Times
·
1y ago
Medial
Pine Labs, a digital payments provider based in Asia, is considering raising around $1 billion in an initial public offering (IPO) in India. The company, backed by Peak XV Partners and Mastercard, may seek a valuation of over $6 billion in the IPO. Pine Labs currently serves over 500,000 merchants in various regions and offers payment and financial solutions. If successful, this would be the largest IPO by an Indian fintech firm after Paytm's $2.5 billion offering earlier this year.
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PharmEasy to formally discuss IPO plans with its board in second try
Economic Times
·
6m ago
Medial
PharmEasy is planning an IPO after two years, aiming to leverage its improved business model and cash flow. The company is considering a reverse merger with its subsidiary, Thyrocare, and will finalize plans in an upcoming board meeting. Significant cost reductions have improved its financials, halving net losses. Three co-founders have stepped back from operational roles, while a major recapitalization has aided in debt servicing. The move aligns with a broader trend of Indian startups reviving IPO discussions.
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LG Electronics weighs India IPO to help chase $75 billion goal | Mint
Livemint
·
11m ago
Medial
LG Electronics is considering launching an initial public offering (IPO) for its India business in order to achieve its target of $75 billion in electronics revenue by 2030. CEO William Cho mentioned that an Indian market debut is among the options being considered to revive the company's consumer electronics business. LG's Indian unit has witnessed strong growth, with revenue increasing by 14% in the first half of 2021. LG's potential IPO would take place amidst a flourishing Indian capital market. The company is also looking to expand into new businesses, such as heating, ventilation, and air-conditioning, as well as subscription-based services for home appliances and ad-supported streaming.
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Reverse flipping by Indian startups gathers steam: Here’s all you need to know
Economic Times
·
1m ago
Medial
Several Indian startups are re-domiciling to India from overseas for better listing prospects and regulatory benefits. Companies like Meesho, Flipkart, Dream Sports, Zepto, and Groww have undergone or are undergoing this 'reverse flipping' process. Meesho is nearing its IPO in India, while Flipkart plans a public listing by 2026. Dream Sports, Zepto, Pine Labs, and Groww have successfully moved back, paying significant taxes, while Razorpay and PhonePe are also relocating their parent entities to India.
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Zepto completes reverse flip from Singapore to India
Entrackr
·
6m ago
Medial
Zepto completes reverse flip from Singapore to India Quick commerce platform Zepto has completed its transition from being domiciled in Singapore to India, according to the company’s Chief Financial Officer (CFO), Ramesh Bafna. This shift, commonly referred to as a reverse flip, will enable the Mumbai-based company to relocate its headquarters to India and initiate the process for an initial public offering (IPO), which has been in the works for several months. The development comes weeks after Zepto secured approval from the National Company Law Tribunal (NCLT) for its reverse merger. According to media reports, Zepto aims to raise approximately $400-500 million through its IPO and has selected Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers. “Historic scenes on completion of #IndiaFirst reverse merger from Singapore to India in the #FastestEver timeline. This is a display of understanding of technicals, working with right partners, getting into nuts and bolts on execution, unblocking natural causes of delay and tactical calls real time by an empowered team,” said Bafna in a Linkedin post. With this, Zepto has joined the likes of Groww and PhonePe which relocated their domicile to India from US and Singapore respectively. A bunch of fintech companies such as Flipkart, KreditBee, Pine Labs, Razorpay, Meesho have been working on reverse flips. Pine Labs already received a final nod from Singapore court to shift its base to India. However, Zepto did not disclose the amount of tax it paid for the reverse flip. For instance, PhonePe paid Rs 8,000 crore, while Groww paid Rs 1,340 crore in taxes to complete the process. The quantum of the tax depends on the company’s valuation and third-party audits. Zepto recently raised $350 million in a funding round led by Motilal Oswal Private Wealth at a valuation to $5 billion. In 2024, the company secured an additional $1.35 billion, bringing its total funding to $1.85 billion since its inception. For the fiscal year ending in March 2024, Zepto’s revenue from operations surged 2.2X to Rs 4,454 crore from Rs 2,026 crore in FY23. During the period, its losses decreased slightly by 2% to Rs 1,248.6 crore.
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