Zepto completes merger with its Singapore-based parent firm Kiranakart Pte

Zepto has completed a cross-border merger with Kiranakart Pte. Ltd., a Singapore-based company, according to an announcement by the National Company Law Tribunal (NCLT). The merger, which was finalised in under three months, combines the two entities under India’s Companies Act, 2013.

The merger comes as the quick commerce platform prepares for a possible Initial Public Offering (IPO) in the next 18-24 months. The company has also received an approval from Singapore to move its domicile back to India in order to consolidate its operations for a future IPO. According to a report from the Economic Times, the NCLT will also hear Zepto’s reverse merger application to move domicile back to India on January 17.

The merger scheme will help Zepto to integrate its operations with Kiranakart, streamlining its structure to drive future growth. The merged entity will issue shares and convertible preference shares to Kiranakart’s shareholders, further aligning their interests, the NCLT statement said.

Financially, Zepto is scaling rapidly, with FY24 sales projected to surpass ₹5,000 crore—double the ₹2,500 crore reported in FY23.

In late November, the quick commerce platform raised $350 million in its third funding round this year, led by Motilal Oswal Private Wealth. The funding round attracted investments from prominent investors and family offices, including Motilal Oswal AMC and Raamdeo Agarwal, the Taparia Family Office, among others. The funding added to Zepto’s impressive 2024 trajectory, which has seen the company raise over $1 billion, at a valuation of $5 billion.

Also Read : Blinkit launches ‘Bistro’ app for 10-min food delivery