Aadit Palicha-led Zepto completes reverse flip from Singapore to India

Aadit Palicha-led quick commerce major Zepto has completed its reverse merger from Singapore to India, paving the way for an initial public offering that is expected to raise between $400 million and $500 million.

The move, commonly called a reverse flip, received formal approval from Singapore courts and India’s National Company Law Tribunal (NCLT), according to co-founder & CEO Palicha.

Zepto CFO shares LinkedIn post

“This 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 making tactical calls in real time,” Ramesh Bafna, Zepto’s chief financial officer, wrote on LinkedIn.

He described the process as “historic,” adding that it was completed in the “fastest-ever” timeline.

The NCLT’s order, dated Jan. 9, authorized KiranaKart Technologies Private Ltd.—Zepto’s Indian operating entity—to become the firm’s holding company. Previously, Zepto had been structured under KiranaKart Pte Ltd in Singapore.

Zepto joins the ranks of other high-profile Indian startups

The quick commerce unicorn, which so far has raised over $1.5 billion in funding, now joins the ranks of other high-profile Indian startups—including Groww and PhonePe—that have shifted their domicile back to India.

"Along with other top Indian startups, this is a historic milestone for the Indian startup ecosystem and an inflection point that represents long-term confidence in the liquidity and depth of Indian capital markets. The ecosystem is now building in India for the benefit of Indian shareholders," Palicha wrote in a LinkedIn post. 

While Zepto did not disclose tax payments related to the reversal, the startup recently raised $350 million in a funding round led by Motilal Oswal Private Wealth at a valuation of $5 billion.

Zepto, which plans to go public in the second half of 2025, reported revenue from operations of Rs 4,454 crore for the fiscal year ending March 2024, up from Rs 2,026 crore the previous year. During the same period, losses edged down by 2% to Rs 1,248.64 crore.