Highlights
Zepto Secures NCLT Approval for Reverse Merger and Domicile Transfer
Quick-commerce company Zepto has received approval from the National Company Law Tribunal (NCLT) for its reverse merger, facilitating the company’s relocation from Singapore to India. This Mumbai-based firm has requested the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited.
In an order dated January 9, 2025, the NCLT stated, “The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and its respective stakeholders, including shareholders, employees, and creditors.”
Strategic Move Towards Initial Public Offering (IPO)
This significant development represents a crucial milestone towards Zepto’s planned initial public offering (IPO) in India, which is anticipated to occur later this year. As reported by media sources, Zepto intends to raise between $400 million and $500 million through its IPO, having appointed Goldman Sachs, Morgan Stanley, and Axis Capital as its investment bankers.
Recent Funding and Valuation Growth
Zepto recently completed a $350 million funding round led by Motilal Oswal Private Wealth, resulting in a valuation of $5 billion for the company. In 2024, the firm secured an impressive $1.35 billion, which increases its total funding to $1.85 billion since its inception.
Financial Performance Overview
- For the fiscal year ending in March 2024, Zepto’s revenue from operations increased by 2.2 times, reaching Rs 4,454 crore, compared to Rs 2,026 crore in FY23.
- During this period, the company’s losses slightly reduced by 2%, amounting to Rs 1,248.6 crore.
