Quick commerce unicorn Zepto has reverse merged from Singapore to India ahead of its planned initial public offering (IPO), the company’s chief financial officer (CFO) Ramesh Bafna said.
This essentially means that Zepto will be headquartered in India. “Historic scenes on completion of… reverse merger from Singapore to India in the fastest ever timeline,” Bafna said on LinkedIn.
“This is a display of understanding of (the) technicals, working with right partners, getting into (the) nuts and bolts on execution, unblocking natural causes of delay and tactical calls real time by an empowered team,” his post added.
This is a good Ghar Wapasi template for the startup ecosystem and overtime enables a great pipeline towards capital markets, Bafna said in his post.
The move back to India has been in the works for several months now.
Kiranakart Technologies Private Limited can now proceed to become the holding company of quick commerce unicorn Zepto in line with the decision of its board of directors and shareholders, as per an order from the National Company Law Tribunal (NCLT) on January 9.
“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,” the NCLT order dated January 9, 2025, said. Prior to this, the Indian entity was a subsidiary of Kiranakart Pte. Ltd which is based in Singapore.
The steps will simplify the holding structure which will enable future fund raising from Indian as well overseas investors, the order had added.
In fact, in the run up to its IPO, the company has taken several other steps, including raising over Rs 2,900 crore from domestic investors like Motilal Oswal and more, to increase domestic shareholding.
Apart from easier decision making and easing fundraise negotiations, the reverse flip will eliminate administrative functions and multiple record keeping functions which will help in reducing administrative, managerial and other common expenditure considerably which will augur well for the firm’s financial health, the NCLT order read.
Furthermore, the Indian entity will not require a no objection certificate (NOC) from the Reserve Bank of India (RBI), as is the case with some other reverse flips of this nature, the NCLT ruled.
The developments come shortly after Zepto has raised a total of $1.35 billion in back to back funding rounds to take on larger, publicly listed rivals such as Zomato, which also operates Blinkit and Swiggy which runs Swiggy Instamart in a red-hot quick commerce market.

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