Hypervalue ecommerce platform Meesho has reportedly moved its domicile to India and completed the method of its reverse flip.
The completion of its reverse flip comes as Meesho gears as much as file its draft purple herring prospectus (DRHP) inside the subsequent 2-3 weeks, in keeping with an Financial Instances report citing sources.
Meesho declined to touch upon queries shared by YourStory.
Final week, the Vidit Aatrey-led firm obtained approval from the Nationwide Firm Regulation Tribunal (NCLT) to flip its headquarters again to India from Delaware, US. It secured a clearance to demerge with its US-based entity, Meesho Inc, and to proceed to merge with the Indian agency.
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In keeping with the report, Meesho is anticipated to pay $288 million in taxes to the US authorities as a part of its reverse flip. This may be one of many largest tax payments paid by an Indian startup domiciled within the US.
Just lately, fintech unicorn Razorpay had additionally accomplished its reverse flip from the US to India. In keeping with an Entracker report, it’s anticipated to pay $150 million in taxes.
Prosus-backed Meesho has been gearing up for its public debut. In April, it modified the title of its authorized entity from ‘Fashnear Applied sciences Personal’ to ‘Meesho Personal Restricted’. Earlier this month, its board authorized a proposal to subject 411.4 crore bonus shares to its present shareholders. The difficulty elevated the corporate’s paid-up share capital from 8.7 crore fairness shares to 420 crore shares
Meesho can be the third firm from Prosus’s portfolio to hitch the race for Dalal Avenue. Different names embrace Bluestone, which the Dutch investor values at round $950 million, and City Firm, valued at $2.4 billion.
Edited by Kanishk Singh
