New Delhi, Jan 4 (KNN) Numerous Indian startups are contemplating a return to their home country after initially venturing into various overseas locations. In September 2022, PhonePe, a fintech firm owned by Walmart, set the precedent by relocating its base from Singapore to India.

Razorpay and Groww are among the startups considering bringing their parent entities back to India. Razorpay, valued at USD 7.5 billion, initially moved its operations to the US to secure funding from Y Combinator.

The company has initiated a complex process to repatriate its parent entity to India, a move endorsed by the management and board.

Successful completion of this shift may pave the way for a potential IPO listing, although discussions on a reverse flip involve a potential tax payment of USD 250-300 million in the US.

Rahul Kothari, Razorpay’s Chief Business Officer, stated in September that there were no immediate plans for a reverse flip.

Shashank Kumar, Razorpay's founder, expressed optimism about India's burgeoning fintech landscape, highlighting the need to simplify processes for businesses, especially as digital commerce expands.

Reports since May suggest that Groww, a full-stack financial services platform, is also contemplating relocating its domicile from the US to India.

Pine Labs, a payments firm valued at $5 billion, is also returning to India. Pine Labs CEO Amrish Rau emphasised that the decision should consider whether the technology is built for global or domestic markets.

Meesho, an online shopping platform, and Udaan, a B2B e-commerce firm, are reportedly planning to shift their holding companies back to India.

Udaan has decided to pursue a public listing in the next year or so. These strategic shifts underscore a focus on India's evolving fintech landscape and global market positioning.

(KNN Bureau)