NCLT Approves Zepto's Reverse Flip to India Ahead of IPO Plans

The NCLT has approved the merger of Kiranakart Technologies, the Indian operator of Zepto, with its Singapore-based affiliate, Kiranakart PTE Ltd, transitioning it to become the holding company of Zepto, flipping its base from Singapore to India. 

This transition simplifies Zepto’s structure, reduces costs, aligns with Indian regulations, and supports future fundraising and IPO plans.

According to the NCLT, an RBI no-objection certificate (NOC) is not required under Regulation 9 of the Cross Border Merger Regulations, which provides for deemed prior approval from the RBI.

Founded in 2021, Zepto plans to file IPO draft papers by March-April 2025.