Mumbai-based quick-commerce company Zepto has received approval from the National Company Law Tribunal (NCLT) for its reverse merger, enabling it to transfer its domicile from Singapore to India. This involves the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited.
According to the NCLT order dated January 9, 2025, the move is seen as beneficial for the company and its stakeholders, including shareholders, employees, and creditors.
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This development is a key milestone as Zepto prepares for its anticipated IPO in India, expected later this year. The company aims to raise $400-500 million through the IPO and has appointed Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers.
In a recent funding round led by Motilal Oswal Wealth Limited, Zepto raised $350 million, bringing its valuation to $5 billion. Since its inception, the company has raised a total of $1.85 billion, including $1.35 billion in 2024.
For the fiscal year ending March 2024, Zepto’s revenue surged 2.2X to ₹4,454 crore, compared to ₹2,026 crore in FY23. The company also managed to reduce its losses slightly by 2%, reporting a loss of ₹1,248.6 crore.
