Meesho to pay $288 million tax to come back

MUMBAI: Meesho has secured the NCLT nod to move its domicile back to India from the US. The tribunal has approved the e-commerce firm’s proposal to demerge its Indian operations from its US parent entity. This essentially allows Meesho to separate from its US holding company and merge with its Indian entity, completing the reverse flipping process.Meesho is expected to pay about $288 million in taxes to flip back to India, sources said. The company did not comment on the tax payments but confirmed the NCLT’s approval. “This (NCLT) filing is a part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint,” a Meesho spokesperson said.Meesho joins a clutch of startups like Zepto, Razorpay and Groww, which have redomiciled to India to align better with local norms and tap into India’s public markets by way of IPO. Meesho is firming up its draft IPO papers, sources said. A batch of Indian startups, including PhonePe, Pine Labs, Lenskart and Zepto are preparing to get listed