Zepto relocates HQ from Singapore to India in pre-IPO move
According to the NCLT’s January 9 ruling, the relocation will streamline Zepto’s holding structure and pave the way for raising capital from both Indian and overseas investors.
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Quick commerce unicorn Zepto has officially shifted its headquarters from Singapore to India ahead of its planned initial public offering (IPO), Chief Financial Officer (CFO) Ramesh Bafna announced on January 28.
In what he described as a "historic scene," the reversal of Zepto's domicile was completed in record time.
"This is a display of understanding of the technicals, working with the right partners, and unblocking natural causes of delay," Bafna wrote on LinkedIn, calling the move a potential "ghar wapasi' template for India's startup ecosystem.
Echoing the sentiment, Zepto's Co-founder & CEO, Aadit Palicha, said "At Zepto, we have a habit of delivering what people say is impossible."
Acknowledging the Singaporean courts and the NCLT in India for their formal approval, he reiterated that this is a historic milestone for the Indian startup ecosystem. "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," he shared on LinkedIn.
Zepto, known for its ultra-fast grocery delivery services, is now set to to be headquartered under Mumbai-based Kiranakart Technologies Private Ltd, which has become the holding company in line with a recent National Company Law Tribunal (NCLT) order. Previously, Kiranakart Lte Ltd in Singapore held the controlling stake.
