Quick-commerce startup Zepto has moved its domicile to India from Singapore, joining a growing number of Indian startups that have moved their headquarters home ahead of an IPO in the country.
The transition marks the fastest shift of registered headquarters to India by a startup in the country, according to Zepto’s chief financial officer, Ramesh Bafna.
Indian authorities recently made it easier for companies to flip their headquarters back home. Some startups, like Pine Labs, have been in the process for relatively longer.
Zepto’s move follows similar relocations by other prominent Indian startups, including PhonePe and Groww. Many Indian startups had originally set up holding companies overseas so they could get access to foreign capital more easily.
Several Indian startups registered in Singapore to keep open the option of a U.S. listing, which is not permitted for companies based in India. Flipkart, Eruditus, and Udaan are among those that chose this route.
The Indian IPO market has emerged as one of the world’s strongest in the past two years, leading many founders to move their official operations to the country. Swiggy’s $1.35 billion IPO in November was the largest public listing by a tech company globally last year.
Zepto, which raised more than $1.35 billion last year and is currently valued at $5 billion, plans to file for an initial public offering later this year, seeking to raise as much as $1.1 billion, according to a source familiar with the company.
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