For years, India’s vibrant startups have set up holding companies in jurisdictions like Singapore, the United States and the United Arab Emirates to tap on global capital and drawn by the allure of listing on international exchanges such as NASDAQ or the New York Stock Exchange. This process, known as “flipping”, quickly became a buzzword in the startup ecosystem.
Today, that trend is in reverse. Many startups that once relocated their headquarters overseas are bringing their legal and operational bases back to India, popularly known as “reverse flipping” or “gharwapsi” (Hindi for “homecoming”). This shift is driven by India’s rapidly maturing domestic market, stronger valuations on Indian exchanges, robust government support, simplified regulatory compliance, and a growing preference among investors for homegrown growth. Furthermore, a resilient Indian IPO market now offers viable exit options for founders and investors looking to realise their returns.
This update looks at the new trend of reverse flipping in India.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following:
Smitha MENON
Head – Restructuring & Insolvency
and Partner - Special Situations Advisory and India Practices
d +65 6416 8129
e smitha.menon@wongpartnership.com
Click here to view Smitha's CV.
LOW Kah Keong
Head – Asset Management & Funds
and Partner – Mergers & Acquisitions
d +65 6416 8209
e kahkeong.low@wongpartnership.com
Click here to view Kah Keong's CV.
ONG Sin Wei
Co-Head – WPGrow: Start-Up / Venture Capital
and Partner – Mergers & Acquisitions and India Practices
d +65 6517 8665
e sinwei.ong@wongpartnership.com
Click here to view Sin Wei's CV.
Kajal BHATIA
Associate (Foreign Law) – Restructuring & Insolvency
d +65 6416 6865
e kajal.bhatia@wongpartnership.com