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Aadit Palicha-led Zepto gets NCLT approval to shift domicile back to India ahead of IPO launch

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Sumit Vishwakarma
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zepto 2025

Aadit Palicha-led quick commerce major Zepto has received approval from the National Company Law Tribunal to shift its holding company from Singapore to India.

The order, dated Jan. 9, 2025, allows Mumbai-based KiranaKart Technologies Private Limited to become the primary holding entity. Before this ruling, KiranaKart Technologies was a subsidiary of Kiranakart Pte. Ltd in Singapore.

The tribunal noted that no objections were raised against the cross-border amalgamation and emphasized that India’s central bank, the Reserve Bank of India, does not require a no-objection certificate under existing regulations for the arrangement.

“The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and their respective stakeholders, including its shareholders, employees, and creditors,” according to the NCLT order dated January 9.

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A major step toward an IPO  

Zepto’s new status as an Indian company is key to its plan for a local initial public offering (IPO) later this year. The startup reportedly aims to raise around $400 million to $500 million in the listing and has chosen Goldman Sachs, Morgan Stanley and Axis Capital as its lead bankers.

By flipping its base to India, Zepto says it will simplify its group structure, reduce administrative costs and make it easier to seek additional funding from both domestic and overseas investors.

The reverse merger also allows the Blinkit rival to comply more directly with India’s regulatory environment and policy landscape, positioning the company for smoother operations and faster decision-making.

Financial backing and growth  

Zepto recently secured $350 million in a funding round led by Motilal Oswal Private Wealth, valuing the company at around $5 billion. Since its founding in 2020, the startup has raised nearly $2 billion in total funding, drawing support from investors, including Nexus Venture Partners, its largest shareholder.

Zepto’s revenue from operations reached Rs 4,454 crore in the fiscal year ending March 2024, up more than twofold from Rs 2,026 crore in the previous year.

Losses narrowed marginally by 2% to Rs 1,248.6 crore during the same period, reflecting an ongoing effort to improve profitability.

With this reverse flip, Zepto joins a growing list of consumer-internet companies choosing to domicile in India for better brand visibility and a more favourable path to public offerings.

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