Stock broking platform Groww has moved its domicile from the US back to India, as the startup joins a wave of companies shifting base back home, to comply better with regulatory authorities and ease listing processes.
Groww Founder Lalit Keshre announced the development on a post on X on Thursday.
"As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day one. With this update, the Groww group and its subsidiaries are completely based in India," he wrote.
Walmart-backed PhonePe was among the first few companies to move back, when it shifted headquarters from Singapore to India. Since then, Razorpay, Pine Labs Pvt., Meesho and Zepto have also kicked off plans to work on these 'reverse flips'.
Notably, Keshre is also part of an expert committee set up by the International Financial Services Centres Authority, whose mandate is to help Indian startups legally based outside the country to return to India. The government-backed panel is chaired by G Padmanabhan, former executive director of the Reserve Bank of India.
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