Indian stock trading and mutual fund startup Groww has paid a total $159.4 million in taxes after it relocated its domicile back from the U.S. to India, the company said in a statement on Monday.

Almost a dozen Indian startups are in the process of shifting their headquarters from the United States and Singapore to India for better compliance with Indian laws and to facilitate their Initial Public Offerings in India. Such shift of domicile creates a tax event for investors and the startup.

While the IPO market continues to be subdued in the United States and many other developed markets, India has become the new hotbed of public offerings this year. Almost 70 IPOs had emerged in India through the first nine months of 2024, already the second highest number of offerings in any calendar year on record.

Among the reasons many startups have begun to return to India is better analyst coverage, while companies priced under $2 billion would still be out of the coverage of most. This coverage is crucial for attracting institutional investors. Hundreds of Indian startups-many of them backed by accelerator Y Combinator-had set up their headquarters in the U.S. in the last decade.