Brokerage app Groww joins fintech peers in moving its domicile back to India from the US.
“As of March 2024, Groww has completed its domicile transition back to India,” Co-founder and CEO Lalit Keshre shared in an X post.
“For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India,” he added.
Several companies, which conduct business in India but have their headquarters overseas, are shifting their base back to India, in a trend popularly known as ‘reverse flipping’.
Razorpay and PhonePe were among the first fintechs to initiate a reverse flip, moving their headquarters to India. As per a CapTable report, PhonePe had to cough nearly a billion dollars in taxes to shift back to India.
Edited by Kanishk Singh
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