Rustic Flute

Why we picked it This is the founder-voice gut check on whether flipping for US capital was ever worth it, and it puts hard numbers on the cost of getting it wrong. Meesho, Groww, Razorpay, and PhonePe paid over 600 million dollars combined in US exit taxes to reverse-flip back to India, and Groww's valuation dropped 30 percent doing it. It argues the Delaware playbook made sense when India's VC and IPO markets were thin, and that the calculus has flipped now that domestic capital and public markets are strong. Read it right before you decide chasing a US fund is the obvious move.

The Delaware Flip Dilemma

From Rustic Flute by Sparsh 9 min read

• Reverse flips back to India cost Meesho, Groww, Razorpay, and PhonePe over 600 million dollars combined in US taxes, so the flip decision compounds into your eventual exit
• The Delaware structure was a rational bet when India lacked deep VC and open IPO markets, but that condition has largely reversed
• Decide your incorporation home against your real long-term exit and customer geography, not herd behavior or a US logo on the cap table