More startups Swades-bound, map ‘reverse flip’
Pine Labs, which is based in Singapore, plans to seek board approval this quarter to move its parent company to India, according to people in the know. Business-to-business (B2B) ecommerce firm Udaan is considering a similar move in view of its plans for an initial public offering (IPO) in 12-18 months, they said.
The two join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ — ahead of listings, especially in the central bank-regulated fintech sector.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitThe $5-billion Pine Labs began work on its IPO plans late in 2021, but postponed it citing volatile market conditions. “The firm will make the necessary filings for flipping its parent company back to India after board approval,” said a person briefed on the plans.
Meesho yet to take a call
The person cited above added that closing the Pine Labs flip, which is due to begin this year, “will depend on regulatory approvals.”
Another person aware of the discussions at Udaan said the firm is inclined to move its holding company to India while keeping options open for an overseas listing through a Singapore entity.
The nearly $5-billion Meesho, whose parent firm is based in the US, has also been deliberating multiple options for reverse flipping to India, though it is yet to come to a decision, the people said.
Pine Labs and Udaan declined to comment on the matter, while an email sent to Meesho did not elicit a response
