On Tuesday, Y Combinator and Sequoia-backed fintech unicorn Razorpay announced that it is moving its parent entity to India from the US amid plans to list in the Indian exchange.

As per the media report, shifting from the United States to India will help the company’s long-term goal of listing in Indian exchanges. Razorpay wants to grab the benefits of domiciling in India.

The company’s spokesperson said they had discussed this plan and have been working for the past three-four months. They are shifting their parent firm from the US to India at the earliest stage.

This decision came just months after Walmart-owned PhonePe proclaimed that it had concluded the process of moving its domicile from Singapore to India.

Another source mentioned that taking a reverse flip to India would be costly for the firm, but Razorpay would manage the same with its available funding.

PhonePe’s founder Sameer Nigam mentioned that its investors had to spend almost Rs 8,000 crore in taxes as the firm planned to domicile in India.