Ahead of its IPO (Initial Public Offering), the quick commerce major Zepto moved its base from Singapore to India for the cross-border merger. The company co-founder and CEO (Chief Executive Officer) Aadit Palicha said in a LinkedIn post that the company had received approval from Singaporean courts and the NCLT (National Company Law Tribunal) in India to complete the cross-border merger and become an Indian Parent entity. With this, Zepto has joined companies like PhonePe, an online payment app, and Groww, one of the best Indian trading apps.
NCLT India gave the green light to KiranaKart Technologies, the Indian operator of Zepto, to become its holding company. Before this, Zepto was a subsidiary of KiranKart Technologies in Singapore.
Zepto plans to file its IPO with SEBI (Securities and Exchange Board of India) in the next two to three months. As part of its restructuring, the company recently set up its Marketplace. It plans to go public in FY26. Reports suggest the company may raise $1 billion through the IPO.
Zepto is the second-largest quick commerce player in India, followed by Blinkit, and has been experimenting with new products and rapidly improving its financials. In FY24, its operating revenue grew from Rs 2,025.70 crore to Rs 4,454.52 crore, more than double. The company also announced receiving an annualised gross order worth $3 billion.
