Fintech major Razorpay has begun the process to move its parent company back to India from the US. The firm has confirmed the development to CNBC-TV18.
The move comes amid the company’s target for an initial public offering, tighter RBI data norms for payment providers and the Silicon Valley Bank collapse. In light of its IPO ambitions, Razorpay also recently brought in former Deputy Governor of the Reserve Bank of India, NS Vishwanathan, as the chairperson for its newly formed advisory board that will focus on setting up standards around customer experience, governance, compliance, and risk management practices.
According to several reports, the firm has been working on the reverse flipping for a few months. Razorpay is looking to capitalise on the benefits of domiciling in India, reports added.
Backed by the likes of Y Combinator, GIC, Sequoia India, Ribbit Capital, Matrix Partners, MasterCard, and others, Razorpay is currently valued at over $7 billion. The fintech unicorn has raised more than $740 million till date.
The development comes months after Walmart-owned online payments provider PhonePe shifted its domicile to India from Singapore. PhonePe's founder and CEO Sameer Nigam had told CNBC-TV18 that its investors had to suffer an Rs 8,000 crore hit in taxes after the company decided to shift its domicile.
The Centre has been emphasising on getting Indian companies back in the country. India has set up an expert committee to suggest measures to encourage local startups domiciled abroad to relocate to Gujarat International Finance Tec-City’s International Financial Services Centre (GIFT-IFSC). The Economic Survey 2023 also spoke about the importance of getting Indian unicorns back onshore and suggested various ways to incentivise companies.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM