Indian stock trading and mutual fund platform Groww has paid US$159.4 million in taxes after relocating its headquarters back to India from the United States.

This move is part of a broader trend where several Indian startups are shifting domiciles from countries such as the US and Singapore to India.

The relocation aims to better comply with Indian regulations and facilitate local IPOs.

India’s domestic IPO market is gaining momentum, with nearly 70 IPOs in the first nine months of 2024, higher compared to other global markets.