Full-stack financial services platform Groww has completed its domicile transition back to India from the US. The company’s co-founder and chief executive officer Lalit Keshre confirmed the development through a post on X (formerly Twitter).
“With this update, the Groww group and its subsidiaries are completely based in India,” wrote Kesre. On Thursday, the firm also completed eight years of its operations. “By the way, today marks the completion of 8 years of Groww. Still, a long way to go,” he mentioned on X.
Entrackr had exclusively reported about Groww’s relocation plan in September 2023.
With this, Groww joins the likes of PhonePe which relocated its domicile to India from Singapore. A bunch of fintech companies such as KreditBee, Pine Labs, Razorpay, Meesho and Zepto have been working on reverse flips.
According to experts tracking the fintech space, companies in the segment want to be headquartered in India as regulators tend to like firms which are based out of the country as diligence and monitoring become easy. The Indian government has been encouraging local startups to redomicile to India and set up their base in the IFSC GIFT City l and tap into the international market opportunities.
Shifting domicile for Groww, however, must have come at a high cost. While the company didn’t disclose the exact amount of taxes it paid to local authorities, PhonePe’s investors paid Rs 8,000 crore in taxes to complete the process.
The quantum of the tax depends on the company’s valuation and third-party audits. According to the startup data intelligence platform TheKredible, Groww raised its last round at a valuation of $3 billion (Rs 22,500 crore).
