When the Indian government clamped down on the crypto sector’s freewheeling spirit in 2022, several homegrown startups flocked to foreign jurisdictions such as the US, the UAE, and Singapore for better access to capital and smaller tax bills.

However, this trend, known as ‘flipping’, first began in the 2000s, when many Indian companies packed their bags and moved abroad to list on foreign exchanges like the Nasdaq, seeking higher valuations and a wider base of investors.

For the last two decades, this has been a common practice among Indian unicorns. These companies transfer ownership to a foreign entity and set up a wholly-owned subsidiary in India, while their operations and market focus remain in India.

In recent times, however, the startup ecosystem has seen the emergence of a counter-trend, known as ‘reverse flipping’. An increasing number of new-age tech companies domiciled abroad are now queuing up to return home as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better initial public offering (IPO) prospects, and favourable government policies.

In 2024, Groww was among the biggest names to move domicile to India. This trend is expected to further accelerate in 2025 as new-age tech ventures look to expedite ‘Desh Wapsi’ plans with an eye on public listing.

Reverse Flipping: The New Startup Normal?

Last year, 13 new-age tech companies made their Dalal Street debuts, raising a record INR 29,000 Cr via the Indian........

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