Zepto secures NCLT approval for reverse merger

Quick-commerce firm Zepto has secured approval from the National Company Law Tribunal (NCLT) for its reverse merger, enabling the transfer of its domicile from Singapore to India. The Mumbai-based firm had sought the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited.

“The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and its respective stakeholders, including shareholders, employees, and creditors,” stated an NCLT order dated January 9, 2025.

This pivotal move marks a major step toward Zepto's anticipated initial public offering (IPO) in India, expected later this year. According to media reports, Zepto aims to raise approximately $400-500 million through its IPO and has selected Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers.

Zepto recently raised $350 million in a funding round led by Motilal Oswal Private Wealth, valuing the company at $5 billion. In 2024, it secured $1.35 billion, bringing its total funding to $1.85 billion since its launch.

For the fiscal year ending in March 2024, Zepto’s revenue from operations surged 2.2X to Rs 4,454 crore from Rs 2,026 crore in FY23. During the period, its losses decreased slightly by 2% to Rs 1,248.6 crore.