Meesho Completes Reverse Flip to Become Fully Indian Company, Eyes IPO Soon
In a significant development for India’s startup ecosystem, ecommerce major Meesho has successfully completed its reverse flip, officially shifting its domicile from the United States back to India. This strategic move positions Meesho as a fully Indian company, just ahead of its much-anticipated initial public offering (IPO).
According to reports, Meesho received formal approval from the National Company Law Tribunal (NCLT) last month to execute the redomiciling process. The NCLT Bengaluru Bench issued the clearance on May 27, 2025, paving the way for Meesho to relocate its headquarters to India. Following this, Meesho’s board approved the merger and has completed the share allotment process to investors of the US entity.
A source familiar with the development stated, “It is now a fully Indian company,” confirming the completion of Meesho’s reverse flip. This move is aligned with the growing trend of Indian startups returning to their home base amid increasing investor interest and a more favorable regulatory environment in India.
$300 Million Tax Bill for Redomiciling
While the decision to shift base to India underscores Meesho’s long-term commitment to the Indian market, it comes with a hefty price tag. As part of the redomiciling process, the ecommerce platform is reportedly liable to pay around $300 million in taxes. Despite the financial implications, Meesho’s leadership believes that operating as an Indian company offers better alignment with business goals, especially in preparation for its IPO.
IPO Plans in Motion
With the reverse flip complete, Meesho is now setting the stage for its public listing. The company is expected to file its draft red herring prospectus (DRHP) within the next three weeks. The IPO is likely to attract strong investor interest, given Meesho’s robust user base, rapid growth in the Indian ecommerce sector, and recent profitability milestones.
This move mirrors the strategy of other Indian startups like Zepto and Razorpay, who have also explored or completed similar reverse flips to tap into India’s growing public markets and capitalize on domestic investor sentiment.
Strategic Implications
Meesho’s redomiciling aligns with India’s broader ambition to become a global startup hub. By moving its headquarters to India, Meesho can benefit from improved compliance with Indian regulations, ease of capital raising through domestic markets, and increased trust among local users and stakeholders.
Moreover, this shift is expected to inspire other startups to consider similar transitions, particularly as India continues to evolve into one of the world’s largest digital and ecommerce markets.
Conclusion
Meesho’s successful reverse flip marks a major milestone not only for the company but also for India’s startup ecosystem. As it transitions into a fully Indian entity, all eyes are now on Meesho’s upcoming IPO, which could further solidify its position as one of the top ecommerce players in the country.
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