Indian Startup Zepto Shifts Headquarters to India, Joining the Growing Trend
Quick-commerce startup Zepto has moved its domicile to India from Singapore, joining a growing number of Indian startups that have done the same ahead of an initial public offering (IPO) in the country.
Fastest Shift of Registered Headquarters to India
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 IPO Market Attracts Startups
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.
Reasons Behind the Move
Many Indian startups had originally set up holding companies overseas so they could get access to foreign capital more easily. Flipkart, Eruditus, and Udaan are among those that chose this route.
India’s Growing IPO Market
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’s Plans
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.
Business Focus
The startup, which delivers groceries, wellness products, and household goods within 10 minutes in urban areas, is fast catching up to Zomato-owned Blinkit, which commands the market.
Conclusion
The shift of Zepto’s headquarters to India is a significant development in the country’s startup ecosystem, joining a growing trend of Indian startups relocating their registered offices to the country ahead of an IPO. This move is likely driven by the Indian IPO market’s growing strength and the ease of regulatory processes in the country.
FAQs
Q: Why did Zepto move its headquarters to India?
A: Zepto moved its headquarters to India to take advantage of the country’s growing IPO market and ease of regulatory processes.
Q: Which other Indian startups have moved their headquarters to India?
A: PhonePe, Groww, and Pine Labs are among the startups that have made similar moves.
Q: What is Zepto’s valuation?
A: Zepto is currently valued at $5 billion.
Q: How much does Zepto plan to raise in its IPO?
A: Zepto plans to raise as much as $1.1 billion in its IPO, according to a source familiar with the company.
