Zepto Moves Domicile To India From Singapore Ahead Of IPO

Zepto Moves Domicile To India From Singapore Ahead Of IPO

SUMMARY

Quick commerce unicorn Zepto has shifted its domicile back to India from Singapore ahead of its initial public offering (IPO)

Zepto joins the likes of Groww and PhonePe which have moved their bases to India seeking to capitalise on the maturing startup ecosystem in the country

This comes on the heels of reports saying that Zepto is looking to increase the size of its IPO to $1 Bn from $800 Mn planned previously

Quick commerce unicorn Zepto has shifted its domicile back to India from Singapore ahead of its initial public offering (IPO), the company’s chief financial officer (CFO) Ramesh Bafna said.

“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 joins the likes of Groww and PhonePe which have moved their bases to India seeking to capitalise on the maturing startup ecosystem in the country.

This follows reports that Zepto is looking to increase the size of its IPO to $1 Bn from the previously planned $800 Mn. The Aadit Palicha-led company is likely to file its draft IPO papers with market regulator SEBI by March-April. Recently, Zepto set up a new entity, Zepto Marketplace Private Limited, as part of its restructuring plans.

Zepto’s operating revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24) from INR 2,025.70 Cr in the previous fiscal year, driven by the rising popularity of quick commerce. 

The company reported a 2% decline in its net loss to INR 1,248.64 Cr during the year under review from INR 1,271.84 Cr in FY23.

The relocation comes at a time when several new-age tech companies, including the likes of Razorpay, PineLabs, Freo, Udaan and Mensa Brands, are looking to reverse flip to India in 2025 amid a boom in startup IPOs.

Last year, 13 new-age tech companies made their Dalal Street debuts, raising a record INR 29,000 Cr+ via the Indian public markets.

As per Inc42’s predictions, this IPO wave will continue in 2025, with at least 20 homegrown startups eyeing a public listing, including omnichannel jewellery brand BlueStone, EV maker Ather Energy, edtech company Physics Wallah, Bhavish Aggarwal-led Ola Consumer, among others.