NCLT approves Meesho's relocation to India, business to pay around $288 million in tax
The National Company Law Tribunal has approved e-commerce platform Meesho's re-domiciling from the US to India and Meesho is expected to pay around $288 million in taxes as part of the move.
"This filing is part of our ongoing transition to re-domicile in India," a spokesperson for Meesho told TNN. "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."
Meesho's proposal to the NCLT outlined its plan to separate from its US based holding company and combine with its Indian business, ET Retail reported. This would serve to complete its reverse flipping process.
Specialising in value fashion and lifestyle goods, Meesho began as a social commerce platform and has expanded across India and into more general e-commerce. The business is working on its draft initial public offering papers and joins a range of Indian-operating online businesses on the road to an IPO including eyewear business Lenskart and quick commerce business Zepto.
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