Quick commerce major Zepto has secured Singapore’s approval to move its holding entity to India, said sources aware of the development.

This comes when the company is looking to list itself in the Indian stock market, and the Singapore clearance is a significant part of the process.

Meanwhile, the National Company Law Tribunal is scheduled to hear on January 17 on the ‘reverse merger’ application to move the domicile from Singapore to India.

Zepto is also in the middle of finalising independent directors as part of the IPO process.

Recently, Zepto closed a $350 million funding round, marking the third fundraising  round by the quick commerce platform this year. This adds to the war chest of $1 billion it has raised in the past few months to take on rivals, including Blinkit and Swiggy Instamart. This comes as Zepto is gearing up for an IPO.

It has established a new entity, Zepto Marketplace Pvt Ltd, in what appears to be a restructuring in its operating model. The new entity, registered on October 22, 2024, signals a potential shift from its business-to-business-to-consumer structure to a marketplace approach.

Zepto saw its revenues more than doubling, about a 120 per cent increase, from ₹2,026 crore in FY23 to ₹4,455 crore in FY24 helped by an increasing number of customers moving their purchases away from e-commerce and kirana stores to 10-minute deliveries.

Published on January 4, 2025