| | MAY 20239Fintech unicorn backed by Y Combinator and Sequoia Capital According to sources, Razorpay is in the process of relocating its parent entity from the United States to India in preparation for a listing on the Indian stock exchanges."Moving from the United States to India". will aid the company's long-term goal of listing in India", "Razorpay wants to reap the benefits of doing business in India," said an anonymous source. A spokesperson for Razorpay confirmed the news."We have been discussing and working on this for the past three to four months, and we are now in the process of shifting our parent firm from the United States to India", a company spokesperson said.This comes just months after Walmart-owned PhonePe announced the completion of the process of relocating its headquarters from Singapore to India.According to another source, while a reverse flip to India is an expensive affair, Razorpay will be able to manage it with its available funding.PhonePe's founder, Sameer Nigam, stated that the company's investors had to pay nearly Rs.8000 crore in taxes because the company chose to domicile in India.This also comes after the parent company of Silicon Valley Bank, SVB Financial Group, went bankrupt, causing panic among several Indian startups with bank accounts in the US and with SVB."Razorpay's move is not the result of the SVB collapse; it is primarily the result of its long-term plans to list in India", sources said.Razorpay, founded in 2014 by Shashank Kumar and Harshil Mathur, is backed by Y Combinator, GIC, Sequoia Capital India, Ribbit Capital, Matrix Partners, MasterCard, and others, with a total investment of over $740 million. The company was recently valued at more than $7 billion. As previously announced projects are taking too long to complete, India aims to reopen the application process for $10 billion in incentives and assistance to promote chip manufacture, according to sources.India is keeping the application procedure open-ended and has done away with the traditional 45-day deadline based on the report.The article stated that the South Asian nation now intends to permit businesses to reapply and is prepared to accept applications until its allocated $10 billion in incentives is depleted.Few people applied for the programme as a result of the previously mentioned short window for applications, including a partnership between Vedanta Resources Ltd. and Taiwan's Foxconn and a consortium that also included Tower Semiconductor Ltd.Vedanta and Foxconn, then known as Hon Hai Precision Industry Co., agreed to invest $19.5 billion to build semiconductor and display manufacturing facilities in Gujarat, a state in western India, last September.India unveiled the incentives in an effort to establish itself as a major role in the world's semiconductor supply chain. RAZORPAY TO RELOCATE HQ FROM USA TO INDIAINDIA PROPOSES TO REOPEN APPLICATION PROCESS FOR $10 BILLION IN CHIP INCENTIVESIN FOCUSIN FOCUS
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