Leading founders and venture capitalists from the Indian startup ecosystem have written to Prime Minister Narendra Modi to allow direct overseas listing for Indian companies.
Founders, including Abhiraj Singh Bhal of Urban Company, Ashneer Grover of BharatPe, Byjus’ Raveendran, Gaurav Munjal of Unacademy, and Kunal Shah of Cred, have sent a letter to the PM, a copy of which CNBC-TV18 has seen.
The letter said that while many startups are gearing up to list in India, many are keen on an international listing. The founders also added that a lack of direct overseas listing is causing migration and 'flipping' of startups from India, as many startups move their base overseas.
While the government had amended the Companies Act in September 2020 for a direct overseas listing, guidelines are still awaited. The startup ecosystem is now calling on the government to expedite the process.
Citing the advantages of an overseas listing for Indian startups, the letter points out that they can access a bigger capital pool, and get higher valuations.
The founders and VCs also say international listings will raise the profile of Indian startups.
Here is a list of the founders and VCs who have addressed the letter to the PM: