Zepto Secures NCLT Approval For Reverse Flip To India

The National Company Law Tribunal (NCLT) has approved the merger of Mumbai-based Kiranakart Technologies, which runs the quick commerce platform Zepto, with its affiliate in Singapore, Kiranakart Pte Ltd.

With the NCLT's approval, Zepto is now officially an Indian company, with no objections to the cross-border merger.

The merger has also been approved by authorities in Singapore.

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Kiranakart Technologies Private Limited is the indian company running Zepto, while its parent company is Kiranakart PTE LTD in Singapore.

Zepto will not need a no-objection certificate (NOC) from the Reserve Bank of India (RBI), according to the NCLT order. The tribunal mentioned that the RBI has not raised any objections, and since the merger follows Regulation 9 of the Cross Border Merger Regulations, which grants deemed prior approval from the RBI, a formal NOC is not required.

The NCLT order said, “The Scheme shall also enable the Companies to address the competitive regulatory environment, risks and policies, better management, value consolidation and creation of shareholder’s value.”

Zepto is moving its holding company to Mumbai, India, to simplify its structure. This will reduce the number of legal entities, making the business more efficient, speeding up decision-making, and cutting costs.

The NCLT Mumbai bench mentioned that this simplified structure will help Zepto raise funds more easily from both Indian and global investors in the future.

About Zepto 

Bengaluru-based Zepto was founded in 2021 by Aadit Palicha and Kaivalya Vohra, it currently operates on a B2B model. Its parent company, Kiranakart Technologies, buys products directly from brands and sells them only to its licensee companies, such as Geddit Convenience, Drogheria Sellers, and Commodum Groceries.

Last year, the quick commerce unicorn raised a total of $1.3 billion in funding, surpassing Blinkit and Swiggy Instamart in revenue.

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