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startup | IST

Startups write to PM Narendra Modi for direct overseas listing

Founders and investors of Indian startups have written to Prime Minister Narendra Modi asking him to expedite the process agenda for overseas listing

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:
Founders:
  • Abhiraj Singh Bhal, Urban Company
  • Amrit Acharya, Zetwerk
  • Amit Jain, Cardekho
  • Anindya Dutta, StanzaLiving
  • Ashish Mohapatra, OfBusiness
  • Ashneer Grover, BharatPe
  • Byju Raveendran, Byjus
  • Gaurav Munjal, Unacademy
  • Jaydeep Burman, Rebel Foods
  • Kunal Shah, Cred
  • Sriharsha Majety, Swiggy
  • Souvik Sengupta, Infra.market
  • Investors:
    • Bejul Somaia, Lightspeed India
    • Jishnu Bhattacharjee, Nexus Venture Partners
    • Navroz Udwadia, Falcon Edge Capital
    • Neil Mehta, greenoaks
    • Niren Shah, Norwest Venture Capital
    • Prashant Prakash, Accel
    • Ravi Adusumalli, Elevation Capital
    • Rajan Anandan Sequioa Capital
    • Scott Shliefer, Tiger Global
    • Vikram Vaidyanath, Matrix Partners