In a major move aligning with India’s growing push for startup localization, homegrown e-commerce platform Meesho has officially completed its reverse flip back to India after receiving final approval from the National Company Law Tribunal (NCLT) last week.
According to its recent filing with the Registrar of Companies, Meesho’s board has approved the merger of its US-based parent entity, Meesho Inc., with its Indian unit. As part of the legal restructuring, shares of the Indian entity have been allocated to US investors, making Meesho a fully Indian-domiciled company.
The move is significant — and costly. The SoftBank-backed company is expected to shell out $280–$300 million in taxes to the US government to complete the relocation of its headquarters.
“This is more than just a structural shift — it’s a strategic vote of confidence in India’s evolving capital markets and startup policy landscape,” an industry insider told Indian Startup Times.
With the restructuring done, all eyes are now on Meesho’s anticipated IPO. The company is reportedly preparing to file its DRHP with SEBI for a $1 billion public listing, having enlisted top-tier investment banks like Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi Bank to steer the process.
Founded in 2015, Meesho has raised over $1 billion from marquee investors including SoftBank, Prosus, Fidelity, and Peak XV. According to TheKredible, the platform posted a 33% year-on-year revenue growth in FY24 to ₹7,615 crore, while narrowing adjusted losses by 97% to ₹53 crore — a remarkable turnaround.
With its reverse flip, Meesho joins the ranks of other Indian unicorns like Razorpay, PhonePe, Groww, Dream11, and Zepto, which have all returned to Indian soil in the last two years. Flipkart, valued at around $36 billion, is also preparing for its own re-domiciliation journey.
As Indian capital markets mature, Meesho’s move reinforces a powerful narrative — that India is no longer just a market for innovation, but a destination for global IPO ambitions.
