Reverse flipping by Indian startups gathers steam: Here's all you need to know
Driven by better listing prospects and regulatory ease, several Indian startups and companies have started to redomicile to India from overseas.
Here's a look at prominent companies that have completed or are in the process of 'reverse flipping':
Meesho
:
ET reported on June 13 that Meesho could see the process of its redomiciling from the US to India conclude as early as this week. The ecommerce marketplace is heading for an initial public offering (IPO) this month, at a likely size of $700-800 million.
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Meesho had applied for the National Company Law Tribunal's (NCLT) approval for a reverse merger in January.
Flipkart
:
Rival etailer Flipkart's board on April 22 approved the plan to shift its domicile from Singapore to India. India's largest ecommerce company is eyeing a public listing by 2026.
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ET had reported in December
that Flipkart had started preparing for its public offering with a definite timeline of 12-15 months.
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Dream Sports
:
Dream Sports, parent of fantasy gaming platform Dream11, completed its flipback from Delaware, US, to India through the reverse merger route in a quiet move.
The company was among the first of new-age firms using the fast-track mechanism for cross-border mergers, under which a foreign holding entity can merge with its Indian subsidiary without clearance from the NCLT.
Zepto
:
Quick commerce platform Zepto announced in January that it completed its reverse merger from Singapore to India ahead of its IPO. Chief financial officer (CFO) Ramesh Bafna announced the milestone on LinkedIn, describing it as a 'historic completion in record time.'
Groww
:
In May 2024, wealth management startup Groww moved its domicile 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 financial year ending March 31, 2024. However, in FY25, Billionbrains Garage Ventures, the parent company of Groww,
reported a more than threefold jump
in net profit to Rs 1,819 crore and a 31% increase in revenue to Rs 4,056 crore for fiscal 2025.
Pine Labs
: Digital payments firm Pine Labs received the NCLT's approval in April to merge its Singapore entity with its India entity, thereby reverse flipping its parent entity back to India. Pine Labs will become only the second major fintech to return its headquarters to India after Groww.
Razorpay
:
Bengaluru-headquartered digital payments firm Razorpay is another fintech in the process of moving back its parent entity to India from the US.
PhonePe
:
In 2022, Walmart-backed PhonePe moved its domicile from Singapore to India. The fintech firm also moved the ownership of the recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India.
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