Zepto plans to file for an IPO around March-April 2024 after securing approval to move its holding entity to India from Singapore. The National Company Law Tribunal will hear its reverse merger application on January 17. Zepto aims to become the first standalone quick-commerce firm to go public, amidst competition from Zomato-owned Blinkit and Swiggy’s Instamart.
Asian stocks advance as Fed’s rate cut lifts mood
Asian markets followed Wall Street higher after the US Federal Reserve lowered interest rates. Fed Chair Jerome Powell indicated confidence in the US economy’s future.