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KreditBee Mulls ‘Desh Wapsi’ Brigade, To Move Domicile To India
Inc42
·
1y ago
Medial
Indian lending tech startup KreditBee is reportedly planning to move its headquarters from Singapore to India. The startup has been working on the reverse flip to India for a few months and is assessing tax liabilities. The move is expected to smoothen KreditBee's plans to go public, with the CEO aiming for an IPO by 2027. Several other Indian startups, including Groww, Razorpay, Meesho, and Zepto, have recently made similar moves to India. However, the process does come with challenges, such as tax bills and paperwork. KreditBee has already raised over $350 million in funding.
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Desh Wapsi: Groww Moves Back Domicile To India
Inc42
·
1y ago
Medial
Groww, the Indian investment platform and unicorn, has successfully completed its domicile transition back to India in March 2024, making it the second major startup to do so after PhonePe. Other Indian startups such as Zepto, RazorPay, and Pine Labs are also considering the domicile reversal.
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KreditBee plans ‘Ghar Wapsi’ from Singapore to India
Entrackr
·
1y ago
Medial
Fintech company KreditBee is shifting its domicile to India from Singapore, sources aware of the development told Entrackr. With this move, the firm will join a bunch of fintech companies which are in the process of shifting their base to India from Singapore or the US (mostly Delaware). “Fintech companies including KreditBee want to be headquartered in India because the local ecosystem including public markets have matured in the past few years,” said one of the sources requesting anonymity. “Moreover, regulators tend to like fintech firms to be based out of the country as diligence and monitoring becomes easy.” KreditBee is registered as Finnove Private Limited in Singapore which has an over 70% holding in the Indian entity of the lending firm. According to sources, KreditBee has been working on a relocation plan for the past few months. “It’s seeking regulators’ inputs and figuring out tax liabilities,” said another source who also wished not to be named. Sources further added that another benefit such companies moving back to India hope to reap is from the rising valuations being offered by domestic public markets to technology firms. KreditBee has declined to comment on the story. Besides KreditBee, Pine Labs, Groww, Razorpay, Meesho and Zepto have been working on reverse flips. Walmart-owned PhonePe was the first to move its domicile to India and its investors paid a hefty Rs 8,000 crore in taxes to the government for this move. The quantum of the tax depends on the company’s valuation and third-party audits. KreditBee was valued at around $700 million during its latest tranche in March. It’s one of the few fintech companies that may turn unicorn in the next funding round. It has raised more than $400 million to date. Sources emphasized that a reverse flip will also smoothen KreditBee’s road to IPO. While the company isn’t in a rush, its founder and CEO Madhusudan Ekambaram anticipates a public listing by 2027. Six-year-old KreditBee facilitates loans up to Rs 4 lakh for a tenure of 2 to 15 months with an interest rate of up to 2.49%. As per the startup data intelligence platform TheKredible, Premji Invest is the largest external stakeholder with 23.44% followed by Newquest Asia and Alpine Capital. KreditBee posted Rs 64.33 crore profit whereas its revenue from operations grew to Rs 788.66 crore in FY23. Even in the first half of FY24, the company claimed a profit after tax of Rs 95 crore and expected to close the last fiscal with Rs 250-260 crore profit. The company majorly competes with MoneyTap, Fibe (formerly EarlySalary), LazyPay, and Sachin Bansal’s Navi, among others. A return to India, while driven by policy and market compulsions, will not be as simple as it sounds, thanks to the heavy bill it comes with for back taxes effectively. That might necessitate funding support for KreditBee, dispute being profitable, creating its own issues of valuations and change in stake. Going for a debt raise might also be a touch and go affair, considering the relatively higher interest rates now. Thus, figuring out the financials of the move will probably occupy a lot of mindspace for the firm now that it has decided to move. Investors will do well to hope and support any process that ensures a quicker resolution, to ensure the firm stays focused on its core business as well.
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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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Kreditbee, Khatabook's domicile shift likely to pave way for IPOs
Economic Times
·
1y ago
Medial
Indian lending startup Kreditbee, backed by Premji Invest and Advent International, has received approval to dissolve its overseas unit in Singapore. The company will now file an appeal in a Singapore court to complete the process of moving its domicile to India. Similarly, Khatabook, a fintech backed by Y Combinator and Tribe Capital, is also working on relocating its domicile to India from the US. These moves are part of a growing trend of startups across various sectors shifting their foreign domiciles to India. This can be beneficial for fintechs as the Reserve Bank of India prefers parent entities to be registered in the country.
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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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Flipkart works on home advantage with domicile rebound from Singapore
Economic Times
·
1y ago
Medial
Indian e-commerce giant Flipkart is reportedly considering moving its domicile back to India from Singapore. The company, which is valued at around $33 billion, is the country's largest consumer internet firm with a foreign domicile. The move is seen as a strategic step towards an eventual initial public offering (IPO) and could also result in a significant tax gain for the Indian government. Flipkart's plans to move back to India come as other Indian startups based in Singapore are also considering similar moves to take advantage of a more mature ecosystem and tap into the country's IPO market.
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Advent, TPG-backed KreditBee appoints lead bankers for IPO
VCCircle
·
3m ago
Medial
KreditBee, a lending startup supported by firms like Advent, TPG, and PremjiInvest, has appointed lead bankers for a potential initial public offering (IPO). The move to explore going public signifies KreditBee's growth and strong backing from significant investors, including Motilal Oswal Alternates, Mirae Asset, and ICICI Bank. The decision comes amid the growing interest in financial technologies and digital lending platforms, making KreditBee one of the notable contenders in the IPO market.
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Grapevine: Kreditbee closer to shifting base to India; Stable Money raises funds
VCCircle
·
1y ago
Medial
Kreditbee, a lending startup backed by Premji Invest and Advent International, is reportedly making progress towards relocating its headquarters from Singapore to India. This move is aimed at facilitating a domestic IPO. The startup is expected to secure another round of funding before filing for the IPO. Additionally, Stable Money has successfully raised funds, marking a positive development for the organization.
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Zepto to shift domicile back to India, initiates process with NCLT
YourStory
·
9m ago
Medial
Quick commerce unicorn Zepto is planning to shift its domicile from Singapore back to India. Its parent company Kiranakart has filed an application with National Company Law Tribunal to move its holding company to India. The move is part of Zepto's strategy to become an Indian majority-owned firm within the next 12-18 months. The company is also in the process of closing another funding round. This move follows a trend of companies shifting their base to India due to a favorable listing environment and consumer sentiment.
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Amazon India moving headquarters in Bengaluru to save costs
Livemint
·
9m ago
Medial
Amazon India is moving its corporate headquarters in Bengaluru to a new location closer to the city's airport as part of its cost-cutting efforts. The move from the World Trade Centre to Sattva is expected to reduce rental costs by more than two-thirds. The relocation is set to begin in April 2023 and be completed by April 2026. The move has raised concerns about the impact on the real estate developer Brigade Enterprises Ltd, as well as the inconvenience for employees who will now face a longer commute.
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