Quick-commerce startup Zepto has relocated its headquarters to India from Singapore, aligning with a growing trend of Indian startups returning home ahead of a planned IPO.
This move represents the swiftest transition of a registered headquarters back to India by a startup, as noted by Zepto’s Chief Financial Officer Ramesh Bafna.
Recent reforms by Indian authorities have simplified the process for companies wishing to move their headquarters back to India. Startups such as Pine Labs have been navigating this transition for a longer period.
Zepto’s decision mirrors similar relocations by other notable Indian startups, including PhonePe and Groww. Many Indian startups initially established holding companies overseas to facilitate access to foreign investment.
Numerous Indian startups opted for registration in Singapore to maintain the possibility of a U.S. listing, which is not allowed for companies incorporated in India. Among those choosing this path are Flipkart, Eruditus, and Udaan.
The Indian IPO landscape has emerged as one of the most robust globally over the past two years, prompting many Indian founders to shift their official operations back to the country. Swiggy’s $1.35 billion IPO in November was the largest public listing for a tech startup worldwide last year.
Zepto, having raised over $1.35 billion last year and currently valued at $5 billion, intends to file for an initial public offering later this year, aiming to generate up to $1.1 billion, as reported by a source familiar with the company.
The startup, which provides grocery, wellness, and household product deliveries within 10 minutes in urban locations, is rapidly closing the gap on Blinkit, a competitor owned by Zomato, which currently leads the market.