STARTUPS REVERSE FLIPPING
India's strong growth leading to trend of 'reverse flipping' for startups
Commerce Secretary Sunil Barthwal stressed how India's growth rate is nearly double that of other emerging market economies. He was speaking at an event in Singapore organised by the commerce ministry to showcase various investment opportunities in India.
Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Ghar Wapsi, a start up the right path
India's regulatory regime has also facilitated shifts in both directions. Outbound investments were made easier by regulators clarifying what constitutes bona fide business when a startup intends to relocate abroad. Inbound investments also face more clarity over transfer of assets, apart from overall lower sectoral restrictions on foreign investments.
Singapore court clears Pine Labs plea to move domicile to India
The approval from Singapore's court paves the way for Peak XV Partners-backed Pine Labs to shift its domicile to India. Multiple other companies of Indian origin including Meesho, Razorpay, Zepto and Udaan are in different stages of moving to India. PhonePe and Groww have already completed their migration to India.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
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Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Startups looking to reverse-flip must pay tax: Piyush Goyal
Indian-origin startups considering relocating to India face tax implications, aiming for better valuations. Minister Goyal emphasized using tax revenue for social development. Walmart paid significant taxes during PhonePe's separation. Angel tax and valuation norms are being regulated for startup balance.
P2P lenders to stop liquid funds; and other top tech, startup stories this week
Peer-to-peer (P2P) lending platforms have decided to halt one of their most attractive products from March 31 following increased regulatory scrutiny by the Reserve Bank of India, we reported on March 22.
Startups ‘reverse flip’: Pine Labs, Zepto, Meesho in queue for India return
Startups such as Pine Labs, Zepto, Meesho are the latest new-age companies looking to move headquarters to India. However, Indian-origin companies looking to move base from the US or Singapore face a hefty levy.
Pine Labs, Zepto, Meesho press the home button; decoding UPI’s market share cap
Happy Wednesday! A wave of Indian technology startups, including Pine Labs and Zepto, are actively working on plans to shift their domiciles to India. This and more in today’s ETtech Morning Dispatch.
No spending freeze at startups; Swiggy, PharmEasy FY23 report card
Top internet firms didn’t let a ‘funding winter’ dampen their urge to spend in the last fiscal, an ET analysis found. Details of this and more in today’s ETtech Morning Dispatch.
Nasscom wants government to let overseas Indian startups list directly
Industry body Nasscom surveyed 139 startups. Of these, Nasscom said approximately 16.5% of Indian-origin startups have externalised legal structures and would consider raising equity capital through public listing in India if the regulations are amended to allow for a direct listing
ET Explainer: How startups can benefit from listing on GIFT-IFSC exchanges
The new framework allows unlisted and listed public companies to list their shares on the two bourses operating in GIFT City – India International Exchange and NSE International Exchange.
Eruditus joins queue of reverse flips by Indian startups, weighs IPO
Edtech unicorn Eruditus is planning a shift in domicile from Singapore to India, or reverse flipping, and joins the growing list of Indian internet firms — Pine Labs, Udaan, Razorpay and Groww, among others. Eruditus is evaluating a listing on the domestic bourses.
Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
Udaan’s valuation plummets; draft rules for fintech self-regulatory bodies
Business-to-business (B2B) ecommerce platform Udaan has taken a major hit with its valuation being chopped by nearly half to $1.8 billion in a down round. This and more in today’s ETtech Morning Dispatch.
How fintechs got their fingers in every pie; and other top tech, startup stories this week
On Wednesday, ET wrote about how fintechs were adding more than 42% of the new investors in mutual funds every month. And this is not unique. Be it wealth management, payments or credit, fintechs are playing an important role in expanding the market and driving adoption everywhere.
More startups India-bound, map ‘reverse flip’
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ ahead of listings.
More startups want to ‘flip’ back to India; SoftBank’s returns from listed firms
Startups are moving their overseas holding entities to India ahead of their forthcoming public listings, especially in the fintech sector which is governed by the country’s central bank regulations.
RBI’s brakes on lending largesse a timely move; and other top tech, startup stories this week
Back on October 6, the RBI Governor Shaktikanta Das spoke about the need for banks to tighten lending norms. Certain components of personal loans are, however, recording very high growth.
Razorpay’s ‘reverse flip’ to India may entail $300 million tax payment in US
Razorpay will seek clearance from the National Company Law Tribunal (NCLT) in the next two months to merge its American holding company with its India unit. It would then also officially appoint an auditor for the valuation discussions.
Rule allowing Indian companies to list overseas comes into force
The amendments provide public companies the flexibility to list their securities on foreign stock exchanges and also include provisions for exemptions by the central government. The provisions for direct overseas listing were approved by the government, as part of the Covid relief package announced in May 2020.
Parliamentary panel recommends relaxation in criteria for recognised startups to avail tax benefits
The department-related Parliamentary Standing Committee on Commerce has expressed concern about the low utilisation of section 80-IAC of the Income Tax Act, 1961, which entitles eligible startups to avail the tax benefit. It was implemented in 2017.
ET Soonicorns Summit 2023: ET’s premier startup-tech event returns for its second edition
ET is set to host its startup-tech initiative, ET Soonicorns Summit 2023, on 26 August 2023 as a hybrid event, starting with an on-ground event in Bengaluru, with the theme ‘Resilience. Reset. Results.’
Why cash will become a commoner; and other top tech & startup stories this week
To be sure, cash will continue to play a big part in the Indian economy. But over the next five years, cash will no longer be king. It will have to take its place among commoners.
ETtech Exclusive | In ‘reverse flip’, Razorpay parent entity plans to return to India from the US
The Y Combinator-backed Razorpay, valued at $7.5 billion, had to necessarily domicile itself in the US, when it raised funds from the Silicon Valley famed incubator. Razorpay offers payment services to merchants.
Scoop: Razorpay’s ‘reverse flip’ to India; Blinkit delivery disruptions continue in parts of Delhi-NCR
Fintech major Razorpay is planning to move its holding company from the US to India amidst tightening regulations in the sector. This and more in Tuesday’s edition of ETtech’s Morning Dispatch.
Economic Survey 2023 suggests tax simplification to accelerate ‘reverse flipping’ of Indian startups
With easy access to capital, changes in rules regarding round tripping, and the growing maturity of India’s capital markets, startups operating in India are exploring “reverse flipping”, or shifting domicile from abroad back to India.
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