Kiranakart Technologies, the Indian entity operating Zepto secured the approval from the NCLT to become its holding company
In the lead-up to its planned initial public offering (IPO), the quick commerce major Zepto has completed its reverse flip from Singapore and moved its base to India. The company’s co-founder and Chief Executive Officer (CEO), Aadit Palicha, informed on Tuesday, describing this as a historic milestone for the Indian startup ecosystem
Palicha took to LinkedIn and wrote, “Today, we received formal approval from Singaporean courts and the NCLT in India to complete our 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.”
The company’s Chief Financial Officer (CFO), Ramesh Bafna shared that the company completed its reverse merger from Singapore to India in the ‘fastest-ever timeline’. He added that this was a display of understanding of technicals and working with the right partners.
The National Company Law Tribunal (NCLT) gave its approval to Kiranakart Technologies, the Indian entity operating Zepto, to be the holding company of the quick commerce company. Earlier, Zepto was a subsidiary of KiranaKart in Singapore.
“Historic scenes on completion of IndiaFirst reverse merger from Singapore to India in the fastest-ever timeline. This is a display of understanding of technicals, working with the right partners, getting into nuts and bolts on execution, unblocking natural causes of delay and tactical calls real time by an empowered team,” Bafna wrote in a LinkedIn post.
Palicha congratulated the finance and legal teams of the company and its partners like Deloitte as Zepto completed the process. “We executed this project in true Zepto fashion: challenging the status quo, cutting internal red tape ruthlessly, and having deep control over the details,” he added.
