Indian startup Groww has shifted its domicile back to India from the U.S., paying $159.4 million in taxes in the process. This move is part of a broader trend, as nearly a dozen Indian startups relocate their headquarters to better align with local laws and facilitate IPOs. The Indian IPO market is thriving, with almost 70 offerings recorded in 2024 alone, the second-highest ever. Increased analyst coverage, crucial for attracting institutional investors, is a key factor driving these relocations. Many startups had previously established U.S. bases over the last decade.