Groww, a full-stack financial services platform, plans to move its domicile from the U.S. to India. This move would place Groww among the top fintech unicorns shifting or planning to shift their holding entities to India.

What Happened? “Groww is considering moving from the U.S. due to tighter regulation. The discussions are in the early stages, and the process could take months to complete,” said one of the two anonymous sources that those over at Entrackr spoke to break the news.

Sources indicate that more companies might join this trend. Recently, PhonePe relocated its domicile from Singapore to India, while Razorpay is also in the process of moving its parent entity from the US to India. PhonePe’s co-founder and CTO, Rahul Chari, stated that if regulations ease, at least 20 more unicorns could consider shifting their domicile to India.

However, changing domicile will be an expensive endeavour for these companies, as evidenced by PhonePe’s investors paying ₹8,000 crore in taxes to complete the process.

See also: Visa Unveils CVV-Free Transactions For Tokenized Cards In India After Halting Single-Click Checkouts

The Indian government has been urging local startups to redomicile to India, establish their base in the IFSC GIFT City, and tap into international market opportunities. According to an ET report, the government has formed an expert committee, which includes founders like Lalit Keshre of Groww and Nikhil Kamath of Zerodha.

Supported by investors such as Tiger Global, Sequoia India, Ribbit Capital, Y Combinator, and Microsoft CEO Satya Nadella, Groww became a unicorn in April 2021 after raising $83 million (₹678.50 crore) in a Series D round. In October, the company secured $251 million (₹2,051.87 crore) in the next round at a valuation of $3 billion (₹24,524.43 crore).

Read next: Pine Labs, ICICI Bank Pioneer Digital Rupee Integration On Payments Devices