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Freo, a digital banking startup, plans to shift its domicile from Singapore to India.
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The move aims to tap into India’s growing financial market and better valuations.
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Freo reported sustainable profits since December 2023, with a gross revenue of Rs 350 crore in FY 2023-24.
Freo, a Peak XV-backed digital banking firm, is set to join the growing list of startups returning to India. The company has initiated internal discussions to shift its domicile from Singapore to India, citing the country’s growing financial market base and better valuations.
Freo has grown into a neobank, offering lending, savings, and wealth-growth products to over 11 million customers. The startup has reported sustainable profits since December 2023, with a gross revenue of Rs 350 crore in FY 2023-24, marking a 5X revenue surge year-on-year. Freo’s decision to reverse flip to India follows a series of policy changes aimed at easing the transition.
The move is expected to bring tax benefits and potentially pave the way for an IPO in India. Other startups, such as PhonePe, Groww, and Pepperfry, have already completed the relocation, while others like Pine Labs are in the process.
