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Zepto’s Strategic Shift: From Singapore to India, Eyeing $500 Million IPO

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Zepto, the quick commerce startup led by Aadit Palicha, has secured approval from the National Company Law Tribunal (NCLT) to move its holding company from Singapore to India.

The ruling, issued on January 9, 2025, designates Mumbai-based KiranaKart Technologies Private Limited as the primary holding entity, replacing its previous parent company, Kiranakart Pte. Ltd., based in Singapore. The tribunal confirmed that no objections were raised to the cross-border merger and highlighted that India’s central bank, the Reserve Bank of India, does not require a no-objection certificate for the transition under current regulations.

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According to the NCLT’s order, the board of directors at KiranaKart Technologies believes that this restructuring is in the best interests of the company and its stakeholders, including employees, creditors, and shareholders.

The move is seen as a crucial step in Zepto’s strategy to launch a local initial public offering (IPO) later this year. The company is aiming to raise between $400 million and $500 million in the listing, with Goldman Sachs, Morgan Stanley, and Axis Capital appointed as lead bankers.

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By shifting its base to India, Zepto expects to streamline its group structure, cut administrative costs, and make it easier to attract investment from both domestic and international sources. This restructuring also allows Zepto to better align with India’s regulatory framework, making the company more agile in its operations and decision-making processes.

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