NEW DELHI: Quick-commerce unicorn Zepto has officially moved its corporate base from Singapore to India, ahead of its highly anticipated initial public offering (IPO). The company’s chief financial officer (CFO) Ramesh Bafna said that this is a good “ghar wapasi” template for the startup ecosystem and overtime, enables a great pipeline towards capital markets.
“Historic scenes on completion of… reverse merger from Singapore to India in the fastest ever timeline,” Bafna said in a LinkedIn post today (January 28). “This is a display of understanding of technicals, working with right partners, getting into (the) nuts and bolts on execution, unblocking natural causes of delay and tactical calls real time by an empowered team,” he added.
Zepto’s move follows a growing trend among Indian startups, including companies like Groww and PhonePe, that have shifted their headquarters back to India to tap into the expanding local startup ecosystem. The relocation also comes amid reports that Zepto is looking to increase the size of its IPO from the previously planned $800 million to $1 billion.
As part of its shift, Zepto’s Mumbai-based entity, Kiranakart Technologies Private Ltd, will likely become the holding company for Zepto, according to a January 9 ruling by the National Company Law Tribunal (NCLT). Prior to this, Kiranakart Pte Ltd, based in Singapore, was the parent company.
Financially Zepto’s revenue surged in financial year 2023-24, more than doubling to Rs 4,454.52 crore, up from Rs 2,025.70 crore the previous year.
The company’s CFO Ramesh Bafna said that this is a good “ghar wapasi” template for the startup ecosystem and overtime, enables a great pipeline towards capital markets
Zepto’s move follows trend among Indian startups, including Groww and PhonePe that have shifted headquarters to India