News on Medial

Zepto secures NCLT approval for reverse merger

EntrackrEntrackr ยท 3m
Zepto secures NCLT approval for reverse merger

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. โ€œThe 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,โ€ 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, Zeptoโ€™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.

Comments

Download the medial app to read full posts, comements and news.