Quick commerce company Zepto has marked a milestone with the completion of its reverse flip from Singapore to India ahead of its proposed IPO.
The move of bringing the domicile of Zepto's parent to India assumes significance as the company looks to raise money through IPO.
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Zepto Chief Financial Officer Ramesh Bafna took to X to announce the completion of the reverse merger, bringing the domicile of its parent Kiranakart Pte. to India, and said this would serve as a "good #GharWapasi template for the startup ecosystem and overtime enable a great pipeline towards capital markets".
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"Historic scenes on completion of #IndiaFirst reverse merger from Singapore to India in the #FastestEver timeline," Bafna wrote in his post.
The exercise underlines understanding of technicals, working with the right partners, getting into nuts and bolts on execution, and unblocking natural causes of delay and tactical calls in real-time by an empowered team.
Bafna lauded the entire team behind the exercise and praised Co-founder and Chief Executive Officer Aadit Palicha for prioritising clarity and team empowerment.
"...This is good hashtag#GharWapasi template for the startup ecosystem and overtime enables a great pipeline towards capital markets," the CFO said.
Earlier, the National Company Law Tribunal approved the merger of Singapore-based Kiranakart with Kiranakart Technologies Ltd., thus bringing the domicile of Zepto's holding company to India.
The Mumbai-based firm posted a revenue of Rs 4,454 crore in FY24, a more than two-fold increase from Rs 2,025 crore in the previous fiscal year.
Zepto has marginally reduced losses to Rs 1,248.6 crore in 2023-24 from Rs 1,272.4 crore in 2022-23, according to data shared by Tofler.
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