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Fintech firm Razorpay completes reverse flip from US to India ahead of IPO
Fintech firm Razorpay has joined a growing list of firms to reverse flip, shifting the domicile of its parent company from the United States to India as it prepares for an initial public offering (IPO).
The shift comes weeks after the company converted itself into a public limited company.
"Yes, we've officially completed our reverse flip, and we couldn't be more proud. It is more than a structural move; it's a powerful signal of belief. We started Razorpay with a dream to build for India, and today, we're doubling down on that dream by making India not just our largest market, but our global headquarters,' said Shashank Kumar, cofounder and managing director (MD), Razorpay.
At present, many Indian startups are domiciled in countries such as Singapore, Mauritius, the United States, the United Kingdom, and Germany.
The startup homecoming is driven by factors such as financial regulation, better access to capital, and improved valuations in the country, Business Standard reported last year.
Fintech major PhonePe had to pay about $1 billion in capital gains taxes to the Indian government to complete the domicile shift back to the country. The company reverse flipped from Singapore more than two years ago.
Stock broking platform Groww formally moved its domicile back to India from the US through a reverse flip by its parent firm in May last year.
Quick commerce platform Zepto, too, shifted its domicile from Singapore to India earlier this year.
E-commerce giant Flipkart, based and operating in India, signalled its intent to relocate its holding company from Singapore to India as the company prepares for an IPO.
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