Team Blitz India
Wealth management startup Groww has moved its domicile to India from the US, following a trend of ‘reverse-flipping’ by Indian startups seeking to capitalise on a maturing startup ecosystem in the country.
The process for completing formalities for its domicile transition back to India were completes by March 2024. Now the group and its subsidiaries are completely based in India, Lalit Keshre, chief executive officer, said in a post on microblogging platform X.
Groww joins Walmart-backed PhonePe, another major fintech startup which relocated its domicile from Singapore to India in October 2022. Several Indian startups with foreign domiciles across the US and Singapore are in various stages of flipping back to India.
Fintechs like Pine Labs and Razorpay, along with quickcommerce firm Zepto, edtech Eruditus, ecommerce firms Meesho and Udaan are also planning to move. Industry executives said moving domicile back to India is linked to startups looking to gain from rising valuations that domestic public markets offer technology ventures.
Several of these startups had set up holding companies in the US and Singapore to raise capital from overseas investors quickly due to regulations at the time. For fintechs, the move to reverse-flip holding companies here is also linked to the regulatory landscape. Financial regulators want fintech firms to be in India and have all their subsidiaries registered here.
