Zepto gets approval from Singapore to transfer domicile to India in lead up to IPO

Quick commerce business Zepto has received approval from Singapore to relocate its domicile to India. The business next needs approval from India as it aims to fast-track its plans for an initial public offering. 

Zepto has a key hearing scheduled with the National Company Law Tribunal for January 17 to asses its plan to complete its domicile shift from Singapore to India, the Economic Times reported. The approval from the Singapore side is a key step in the business’ plan to reestablish itself in India, which it aims to complete to build trust as an Indian entity before launching its IPO. 

The business aims to submit its draft IPO papers in India by March or April 2025, the Times of India reported. Following the NCLT meeting, Zepto will organise a meeting with its own board on January 19 to hash out details regarding the IPO such as its size and appointing bankers. The business will also discuss further details relating to its domicile move. 

Before going public, Zepto plans to add independent members to its board of directors. The Indian government is increasingly casting its eye to foreign-owned businesses operating in India’s quick commerce space and establishing itself as an Indian business will aid Zepto’s plan for continued expansion in the country. The business has recently emphasised its full compliance with Indian foreign direct investment regulations.