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‘Foreign-Return’ Startups on the Rise in India

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Indian startups that had set up overseas holding companies or were considering merging with blank-cheque companies to explore foreign listings are reversing their strategies and considering local public offers.

Flip it and reverse it: Market participants say some of these companies are now exploring the so-called ‘reverse flipping’ to bring their ownership back to India and list locally, like tech unicorns Zomato, Paytm, and Nykaa did last year.

Why this shift?

The over 20% correction in the tech-heavy Nasdaq and the rapid loss of interest in special purpose acquisition vehicles (SPACs) this year have dimmed the allure of a foreign listing. The recent relaxations in the round-tripping rules by the Reserve Bank of India (RBI) and the government’s policy support for startups are also encouraging the shift.

On October 3, Walmart-owned PhonePe said it had reversed its overseas structure and was also eyeing an India listing. Market participants say at least three more big startups are currently looking at bringing ownership back to India.