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Pine Labs, Udaan among S’pore based firms returning to India

3 Jan 2024

Their plans for getting listed and launch their IPOs in the growing Indian market are pulling them home.

Focusing on their market listing and IPO plans, several companies like Pine Labs and B2B eCommerce firm Udaan have joined the bandwagon to return their base to India. Meesho is also deliberating flipping its US headquarters to India.

These companies had set up their bases abroad to get easier funding and leverage flexible tax policies. But now, with the Indian regulatory framework tightening, they are making a move to come back before it is too late. Earlier, Razorpay and stockbroking giant Groww manifested a cross-country merger between their American holding companies and India units.

While these companies move their base to India, some, like Udaan, plan to keep an entity running in the US for possible listing there. Their entry back to India means more tax gains for the Indian government, as happened in PhonePe’s re-entry in 2023, which brought almost $1 billion in tax gains to the government.

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