Exclusive: With Reverse Flip In Cart, Livspace Nets INR 427 Cr From Singapore Parent
Summary
The report also suggested that Livspace was eyeing an India return this year and had obtained in-principal board approval for the move.To simplify and fast-track the reverse flipping process for Indian startups headquartered overseas, the Centre scrapped the requirement of clearance from the National Company Law Tribunal (NCLT) last September.Livspace was among the first startups to seek approval for its reverse flip using the fast-track mechanism. Other examples include Dream Sports, the parent of fantasy gaming startup Dream11, which recently shifted its domicile to India from the US through a reverse merger with its Mumbai-based arm under this new regime.Founded in 2014 by Sharma and Anuj Srivastava, Livspace began its journey by providing new-age home interiors and renovation solutions to individuals and later expanded into commercial interior design and commercial real estate segments.Through its B2B offering Livspace For Business, the startup operates in categories across offices, retail, hospitality, and warehousing among others. While cofounder and CEO Srivastava was named the chairman of the startups board, Sharma was elevated to the position of chief executive (CEO) from chief operating officer earlier.Livspace joins the long list of new-age tech startups that domiciled abroad to tap a global pool of capital, but now want to return home to capitalise on the countrys maturing startup ecosystem and IPO market.Quick commerce unicorn Zepto and fintech giants PhonePe and Groww have already moved their holding companies to India. Earlier this month, Walmart-owned ecommerce major Flipkart also confirmed its intentions to shift its domicile back to India from Singapore ahead of its anticipated IPO.April also saw fintech giant Pine Labs getting final approval from the NCLT for its homecoming. Several other startups, including Razorpay, Meesho, Eruditus, Freo, and KreditBee among others, are also at various stages of the transition.The reverse flip trend is being fueled by the boom in new-age tech IPOs in the country.