KreditBee, a lending tech start-up, is planning to move its headquarters from Singapore to India, as per a report by Entrackr. The company will be joining a list of companies from the USA and Singapore that are trying to move back to India.
This includes PineLabs, a payment major that is waiting for cross-border merger approval of its Singapore company with the Indian operations, as per a report by the Economic Times. Online shopping platform Meesho is trying to raise funds to meet additional tax payouts as it returns to India.
The report further says that e-commerce platform Zepto is also trying to move its base out of Singapore to India. The first start-up to move back to India was PhonePe. The company had to pay Rs 8,000 crore in taxes to India while moving its domicile from Singapore. Talking about the shift, Sameer Nigam, Founder and Chief Executive Officer of PhonePe, said, “India is where we started, and India is where we will be focused on for the next couple of decades. And to that end, for various reasons (we chose to move domicile to India), including being highly regulated, wanting to list here, and creating ecosystem value and shareholder value here,”
On condition of anonymity, a source told Entrackr, “Fintech companies, including KreditBee, want to be headquartered in India because the local ecosystem, including public markets, has matured in the past few years.”
The report says that KreditBee has been working on its relocation plan for a while and trying to figure out its tax liabilities. Recently, in its Series D funding, the company announced a successful $9.4 million extension. Consequently, in December 2023, the company said that it plans to go public in less than three years. As per the Entrack report, a reverse flip to India will also help the company with its IPO plans.
