Six Indian startups plan foreign listing following Budget 2021 release

Six Indian companies including EtechAces Marketing and Consulting, the parent company of both PolicyBazaar and PaisaBazzar, and Paytm, are reportedly looking to list their companies on foreign exchanges and are waiting for detailed guidelines from the corporate ministry and revenue department.

Sources knowledgeable with the matter cited that the companies are waiting for the Union Budget 2021-22 that is scheduled to be presented in the Parliament by Finance Minister Nirmala Sitharaman in the first week of February. Although the legal requirements regarding a global listing are fulfilled, the firms await rules and regulations such as where they list their IPO and tax regime.

With the last appraisal at USD 1.5 billion, EtechAces Marketing and Consulting has cleared all the legalities in hopes to be ready for the issue by October. On the other, India’s most valuable startup, Paytm, which is valued at USD 16 billion, does not have any definitive timeline regarding the actual issue but is closely following the updates in the listing norms and working its way ahead, cite credible sources.

Policy-Bazaar Co-founder and Director, Alok Bansal, reportedly said that his company is gravitating towards a domestic IPO, however, the final decision will be taken by this financial year-end based on listing norms. The organizing has been selling small-ticket secondary share but is likely to go for a pre-IPO fundraise later this year, he added.

Other new-age startups such as online beauty store Nykaa, logistics company Delhivery, and online food aggregator Zomato are also planning for an international IPO in the next two years, in an effort to give an early exit to investors and venture capital funds.

Apart from GIFT City in Gujarat, the Corporate affairs ministry has recognized 6-8 international markets including the U.K., U.S., and Japan, where Indian companies could list, sources confirmed.

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Having completed her Post Graduate degree in Digital Marketing, Shreshtha always nurtured an innate passion for writing. She works as a content writer at and pens down news articles spanning numerous verticals. Her other interests include reading and travelling.