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Ahead of IPO, Zepto shifts domicile from Singapore to India

Zepto completed the reverse merger from Singapore to India in the "fastest ever" timeline, CFO Ramesh Bafna said

Ahead of IPO, Zepto shifts domicile from Singapore to India
[Source photo: Chetan Jha/Press Insider]

Kiranakart Technologies, which runs the quick-commerce platform Zepto, has shifted its domicile from Singapore to India ahead of its planned initial public offering (IPO), chief financial officer Ramesh Bafna said this week.

Zepto completed the reverse merger from Singapore to India in the “fastest ever” timeline, Bafna said in a post on LinkedIn.

Calling it a good ‘GharWapasi,’ or home-coming, template for the Indian startup ecosystem, Bafna said that this step would, over time, enable a significant pipeline towards capital markets.

Zepto is looking to file draft share sale papers by April, The Economic Times had reported earlier this month.

Last month, the National Company Law Tribunal (NCLT) approved Zepto’s merger with its Singaporean affiliate, Kiranakart Pte Ltd, paving the way for the firm to accelerate its IPO plan.

The NCLT approval, under regulation nine, allows a startup startup to become a fully Indian company without needing a no-objection certificate (NOC) from the Reserve Bank of India (RBI).

While thanking partners from Deloitte, Tann Asia, and IndusLaw for supporting the quick commerce startup, Bafna said that completing the reverse merger in the shortest time is a “Display of understanding of technicals, working with the right partners, getting into the nuts and bolts of execution, unblocking natural causes of delay, and tactical calls real time by an empowered team.”

Terming the reverse merger as a “testimony to tenacity and technical depth,” Bafna thanked his team members R. Rama Chandra, Panduranga Acharya, and Sandip Khetawat and their respective team members.

Apart from Zepto, PhonePe, Pine Labs, and Meesho are also in the process of shifting their corporate structures back to India to improve market access, comply with regulations, and prepare for IPOs.

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