India has had a thriving startup ecosystem for a while, but many “Indian” companies were actually incorporated abroad. This was seen by many as a way to easily raise funding — some incubators like Y Combinator used to require that their companies be registered in the US — and also to help with regulatory and compliance-related issues. But over the last few years, many such companies are looking to move back to India. This was in part to be able to access the Indian stock markets more easily, and to help deal with Indian regulations.
In 2024, the Indian government had looked to make it easier for Indian startups to move back to India. Through the new rules under the Company Amendment Rules 2024, mergers involving foreign holding companies and their wholly-owned Indian subsidiaries were allowed to bypass approval from the National Company Law Tribunal (NCLT), and could be done with the prior approval of the RBI. Dream 11 has become the first major Indian startup to move back to India, after having been originally incorporated in the US. This is the list of major Indian startups which had moved back to India after initially incorporating abroad.
Pepperfry
Founded in 2011, Pepperfry is a leading online furniture and home décor marketplace that revolutionized how Indians buy home furnishings. Initially incorporated in the Cayman Islands, the company decided to move its legal domicile back to India in 2022.
PhonePe
PhonePe, founded in 2015, is one of India’s most popular digital payments and financial services platforms. Originally incorporated in Singapore, the fintech giant decided to relocate to India in 2023, a move that coincided with the Indian government’s push for a robust digital payments ecosystem. This transition also enables PhonePe to better align with domestic regulatory frameworks while strengthening its position in India’s rapidly evolving fintech space.
Groww
Launched in 2016, Groww is an investment platform that allows users to trade stocks, invest in mutual funds, and access other financial instruments with ease. It is now the biggest broker in India in terms of number of customers. Originally incorporated in the United States, Groww moved its domicile back to India in 2024.
KreditBee
Founded in 2018, KreditBee is a digital lending platform that provides quick and accessible personal loans to individuals. Initially incorporated in Singapore, the company decided to shift back to India in 2024.
Zepto
Zepto, founded in 2021, is a quick-commerce startup specializing in ultra-fast grocery deliveries. The company initially chose Singapore as its legal domicile but decided to move back to India in 2025.
Dream11
Dream11, a fantasy sports platform founded in 2008, has played a major role in shaping India’s online gaming landscape. Initially incorporated in the United States, Dream11 decided to shift its domicile back to India in 2025. Dream11 is the first major startup to move back to India under the new rules which aim to fast-track the movement of Indian startups back to India.