Quick commerce unicorn Zepto completes reverse flip from Singapore to India

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, Ramesh Bafna, shared on social media.

 

"This is a display of understanding of technicals, working with the right partners, getting into the nuts and bolts of execution, unblocking natural causes of delay, and making tactical calls in real time by an empowered team," Bafna shared. He described the development as "historic," adding that the reverse-merging process was completed in the "fastest-ever" time.

 

Sharing the update, Zepto co-founder and chief executive officer, Aadit Palicha, said the company has received formal approval from Singaporean courts and the National Company Law Tribunal (NCLT) to complete its cross-border merger and become an Indian parent entity.

 

"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," Palicha wrote.

 

Zepto’s plan to shift its domicile back to India was earlier green-lit by the NCLT. In an order dated January 9, NCLT said: “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 gave its nod to Kiranakart Technologies Private Limited, the Indian entity operating Zepto, to become the holding company of the quick commerce firm. Zepto was earlier a subsidiary of KiranaKart Pte Ltd in Singapore.

 

Zepto plans to go public in the second half of 2025.