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.“As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India,” Lalit Keshre, chief executive officer, said in a post on microblogging platform X on Thursday.
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Groww joins Walmart-backed PhonePe, another major fintech startup which relocated its domicile from Singapore to India in October 2022.
ET first reported in November 2023 that Groww had made a regulatory filing with National Company Law Tribunal (NCLT), Bengaluru for a reverse merger between its India unit and the US operations.
Several Indian startups with foreign domiciles across the US and Singapore are in various stages of flipping back to India, ET has been reporting. Fintechs like Pine Labs and Razorpay, along with quick-commerce firm Zepto, edtech Eruditus, ecommerce firms Meesho and Udaan are also planning to move their
