Groww joins the first wave of Indian startups moving home from the US

Groww, an Indian investment appbecame one of the country’s first startups to return to India from the US, signaling a broader trend among the local startup community.

The Bengaluru-based startup, which allows consumers to buy stocks and mutual funds, made the transition in March, and its co-founder and CEO, Lalit Keshre, he wrote in the post on X.

A growing number of Indian startups, particularly in the fintech sector, are preparing to relocate their overseas holding entities to India in an effort to comply with evolving local regulations and continue listing domestic stocks.

Many Indian startups, especially those behind Y Combinator, were originally founded in the US to gain better access to investors and capital in North America.

Eight-year-old Groww, which counts YC, Peak XV Partners and Tiger Global among its backers, has been profitable for several years. Its app of the same name is the most popular stock brokerage offer in the country, according to official data.

Razorpay, Pine Labs, Zepto, Meesho and Udaan are among other Indian startups in various stages of considering relocating their base to India.

Bengaluru-based PhonePe moved its headquarters to India in 2022 from Singapore. The move by the Walmart-backed company created nearly $1 billion in tax implications for the startup’s investors, with Walmart paying most of the taxes.

Groww is still calculating its tax implications, according to a person familiar with the matter.

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