Reverse flipping by Indian startups gathers steam: Here’s all you need to understand
Better listing prospects and simpler legal procedures are seeing many Indian startups alter residence to India from overseas. Here’s a take a look at popular business that have completed or remain in the procedure of ‘reverse turning’:
Driven by much better listing potential customers and regulative ease, several Indian start-ups and business have actually begun to redomicile to India from overseas.Here’s a take a look at prominent companies that have finished or remain in the procedure of ‘reverse flipping’: Meesho: ET reported on June 13 that Meesho might see the procedure of its redomiciling from the United States to India conclude as early as this week. The ecommerce marketplace is heading for an initial public offering (IPO) this month, at a most likely size of $700-800 million.Meesho had applied for the National Business Law Tribunal’s (NCLT) approval for a reverse merger in January.Flipkart: Competing etailer Flipkart’s board on April 22 approved the plan to move its residence from Singapore to India. India’s largest ecommerce company is eyeing a public listing by 2026. ET had actually reported in December that Flipkart had started getting ready for its public offering with a certain timeline of 12-15 months.Dream Sports: Dream Sports, parent of dream video gaming platform Dream11, finished its flipback from Delaware, US, to India through the reverse merger route in a quiet move.The company was among the very first of new-age companies utilizing the fast-track system for cross-border mergers, under which a foreign holding entity can combine with its Indian subsidiary without clearance from the NCLT.Zepto: Quick commerce platform Zepto revealed in January that it finished its reverse merger from Singapore to India ahead of its IPO. Chief monetary officer (CFO) Ramesh Bafna revealed the milestone on LinkedIn, explaining it as a ‘historic conclusion in record time.’Groww: In May 2024, wealth management startup Groww moved its residence back to India from the US. The startup paid Rs 1,340 crore ($160 million) in taxes after the flipback, which resulted in Groww clocking a net loss of Rs 805 crore for the fiscal year ending March 31, 2024. In FY25, Billionbrains Garage Ventures, the parent company of Groww, reported a more than threefold dive in net earnings to Rs 1,819 crore and a 31% boost in profits to Rs 4,056 crore for financial 2025. Pine Labs: Digital payments firm Pine Labs got the NCLT’s approval in April to combine its Singapore entity with its India entity, thereby reverse turning its parent entity back to India. Pine Labs will become just the second significant fintech to return its head office to India after Groww.Razorpay: Bengaluru-headquartered digital payments firm Razorpay is another fintech in the process of returning its moms and dad entity to India from the US.PhonePe: In 2022, Walmart-backed PhonePe moved its domicile from Singapore to India. The fintech firm likewise moved the ownership of the recently gotten IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.
