India’s capital markets are seeing a major shift as digital start-ups once incorporated abroad are returning home — a trend known as “reverse flipping.”

A new white paper by Bay Capital shows that over 10 major tech firms, including Flipkart, Zepto, Razorpay and PhonePe, are now planning to relocate their legal base to India and go public domestically.

This reversal comes as the stock market has grown more welcoming to high-growth, and tech-led companies as India saw 327 IPOs raising ₹1.49 lakh crore in 2024 from just 15 IPOs in 2020. A mix of regulatory reforms, deeper investor understanding of digital models, and the rise of domestic capital has driven these numbers, the paper said.