Quick commerce major Zepto has moved its base to India from Singapore ahead of its initial public offering (IPO), the company’s co-founder and CEO Aadit Palicha said on Tuesday.
“Today we received formal approval from Singaporean courts and NCLT in India to complete our cross-border merger and become an Indian parent entity,” he said in a LinkedIn post.
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With this, Zepto has joined companies like PhonePe and Groww, which have reverse-flipped in recent months to India.
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In January, the NCLT had given its nod to Kiranakart Technologies, the Indian entity operating Zepto, to become its holding company. Earlier, Zepto was a subsidiary of KiranaKart in Singapore.
In another post, Zepto’s CFO Ramesh Bafna said that the reverse-merging process was completed in the ‘fastest-ever’ time.
“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.
The development comes at a time when Zepto is planning to file its IPO papers with SEBI in the next two to three months. It has recently set up Zepto Marketplace as part of its restructuring plans.
Zepto plans to go public in FY26. Reports suggest it may raise $1 billion via the IPO.
The company, which is the second-largest quick commerce player, has been rapidly improving its financials and experimenting with new products to improve its financials.
In FY24, its operating revenue more than doubled to Rs 4,454.52 crore from Rs 2,025.70 crore earlier. Its net profit fell 2% to Rs 1,248.64 crore.
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The company has also recently announced that it has achieved an annualised gross order value of $3 billion.
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