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Zepto completes reverse flip from Singapore to India

EntrackrEntrackr · 5m ago
Zepto completes reverse flip from Singapore to India
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.

Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr · 28d ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, “This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.” However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Zepto secures NCLT approval for reverse merger

EntrackrEntrackr · 6m ago
Zepto secures NCLT approval for reverse merger
Medial

Zepto secures NCLT approval for reverse merger Quick-commerce firm Zepto has secured approval from the National Company Law Tribunal (NCLT) for its reverse merger, enabling the transfer of its domicile from Singapore to India. The Mumbai-based firm had sought the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited. “The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and its respective stakeholders, including shareholders, employees, and creditors,” stated an NCLT order dated January 9, 2025. This pivotal move marks a major step toward Zepto's anticipated initial public offering (IPO) in India, expected later this year. 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. Zepto recently raised $350 million in a funding round led by Motilal Oswal Private Wealth, valuing the company at $5 billion. In 2024, it secured $1.35 billion, bringing its total funding to $1.85 billion since its launch. 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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