In a significant development ahead of its planned IPO, homegrown e-commerce startup Meesho has received approval from the National Company Law Tribunal (NCLT) to shift its headquarters from Delaware, US, back to India. The move marks a crucial step in the company’s re-domiciliation strategy and brings it closer to launching its much-anticipated $1 billion public offering.
The approval allows Meesho to merge its US entity with its Indian operations, aligning its corporate structure with its core business activities. Most of Meesho’s ecosystem — including customers, sellers, creators, and logistics partners like Valmo — is already based in India. “This filing is part of our ongoing transition to re-domicile in India,” a Meesho spokesperson confirmed to Entrackr.
According to a Moneycontrol report, Meesho is expected to pay around $288 million in taxes for the reverse flip, although the company has not officially confirmed this figure.
The Bengaluru-based firm has reportedly shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its IPO bankers. Last week, Meesho transitioned from a private limited company to a public limited entity — a necessary step toward listing on the Indian stock exchanges.
Meesho joins a growing list of Indian startups — including PhonePe, Groww, Razorpay, and Zepto — that have shifted their domiciles back to India, often incurring substantial tax liabilities. For instance, PhonePe and Groww paid taxes amounting to ₹8,000 crore and ₹1,340 crore respectively to complete the move.
The trend underscores a broader shift among Indian tech companies to align with domestic markets and tap into India’s maturing capital ecosystem. With Flipkart also eyeing a reverse flip, the focus on Indian IPOs continues to intensify.
