BrowserStack Begins Process To Redomicile Its Holding Entity To India: Report

SaaS unicorn BrowserStack has reportedly started the process of redomiciling its holding entity from Ireland to India.

As per The Arc’s report, citing sources, the company’s flipback process can take nearly eight months if the regulatory procedure runs smoothly. However, in case of any issues flagged by the Securities Exchange Board of India (SEBI), the Reserve Bank of India (RBI) or the antitrust body CCI, the process can take up to a year. 

To move back its domicile to India, BrowserStack would require to pay tax to Ireland’s Companies Registration Office. 

Notably, the Indian subsidiary BrowserStack Software Private Limited is based out of Mumbai. 

Founded in 2011 by Arora and Nakul Aggarwal, BrowserStack offers a platform for software testing across various devices and browsers. The company claims to be profitable since its inception and has more than 15 products in its portfolio, 10 of which have been launched in the past 18 months.

Last year, BrowserStack acquired Berlin-based enterprise tech platform Bird Eats Bug in a $20 Mn deal. 

The company entered the unicorn club in 2021. 

The development comes at a time when many new-age tech companies are joining the reverse flipping trend. The trend is driven by several factors such as tax benefits in India, easier regulatory compliance, and the potential for an IPO.

Last year in May, fintech company Groww completed its reverse flip, shifting its domicile to India from the US. Groww’s redomiciling came after fintech major PhonePe shifted its domicile to India from Singapore in 2022. 

It was also reported in October last year that Tiger Global-backed Mensa Brands is shifting its domicile from Singapore to India. 

Further, fintech startup Pine Labs also secured the initial set of approvals from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary last year.