Zepto to shift domicile back to India, initiates process with NCLT
The move is part of Zepto's larger plan to become an Indian majority-owned firm over the next 12-18 months.
Quick commerce unicorn is planning to shift its domicile back home from Singapore as it looks to strengthen its domestic presence through Indian investments.
“It’s true we are working towards a domicile shift, subject to regulatory processes—beyond that we have no comments to offer,” a Zepto spokesperson said.
According to media reports, Zepto’s parent Kiranakart has filed an application with National Company Law Tribunal (NCLT) to move its holding company to India. This is a part of the company's larger plan to become an Indian majority-owned firm over the next 12-18 months.
The development comes as Zepto looks to close another funding round after raising nearly $1 billion in the last six months. This round will see participation from high-net-worth individuals and Indian family offices.
Aadit Palicha-led Zepto joins the rank of host of companies reverse flipping i.e., shifting its base to India on account of a favourable listing environment and upbeat consumer sentiment.
In May this year, fintech platform Groww flipped its domicile from USA to India. Other companies in the pipeline include Pine Labs, Razorpay, and Flipkart.
The quick commerce space is also heating up, with several companies vying for robust listings or institutional placements.
Sriharsha Majety-led Swiggy plans to list on the domestic bourses before the end of this year. The company filed its draft IPO papers with SEBI last week, for a fresh issue of Rs 3,750 crore with a provision to increase the fresh issue size of its IPO to Rs 5,000 crore. The IPO will also include an offer for sale (OFS) of 18.52 crore shares from selling stockholders.
Zomato, which is expected to announce its second quarter results today, is also looking to get Board approval for its qualified institutional placement.
Edited by Megha Reddy