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Local startups write to PM seeking nod for direct overseas listing

In the letter, the founders said the current inability of unlisted companies to tap global markets to raise capital is “an impediment to the growth ambitions of Indian start-ups as their access to wider global pools of capital is blocked”.

By: Express News Service | New Delhi |
August 7, 2021 1:33:10 am
Prime Minister Narendra Modi

Founders of homegrown startups like Byju’s, Cred, Urban Company and BharatPe have written to Prime Minister Narendra Modi, urging the government to allow direct overseas listing of Indian companies.

In the letter, the founders said the current inability of unlisted companies to tap global markets to raise capital is “an impediment to the growth ambitions of Indian start-ups as their access to wider global pools of capital is blocked”.

“As a result, most Indian start-ups do not have a level-playing field with their counterparts in other global start-up hubs.

“It is also a factor resulting in the migration of start-ups outside India, or flipping as we term it, with many of them moving their base overseas,” the letter added. The letter was signed by Rebel Food’s Jaydeep Barman, Byju’s founder Byju Raveendran, Cred’s Kunal Shah, Urban Company’s Abhiraj Singh Bhal, and Matrix Partners India MD Vikram Vaidyanathan, among others.

With PTI inputes

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