Investigation Reveals: quick services platform Pronto, financially backed by General Catalyst, considering a return to the Indian market
Pronto, a startup offering instant booking services for cooks, domestic help, and cleaners, has made an unusual move by redomiciling from the United States back to India, less than a year after its establishment. The company, which was initially set up in the US due to its founder, Anjali Sardana, being an investor and student in the US, is now planning to operate better in India, its only market, by redomiciling early.
Pronto has already raised around $2 million from Bain Capital, its former employer, and is in the process of raising another $10-12 million. The new funding round is being led by a separate set of sources, including General Catalyst, Glade Brook, and Untitled VC.
The decision to redomicile in India is a strategic move for Pronto, as other companies like Meesho have flipped their base to India closer to their initial public offering. By redomiciling early, Pronto aims to avoid incurring additional costs, as other companies like Meesho and Groww have done.
Pronto's redomicile back to India comes at a time when the stock market today is gaining traction. The company competes with Snabbit, a startup funded by Lightspeed and Elevation Capital, which was founded by former Zepto employee Aayush Agarwal.
Despite numerous attempts, Pronto has not responded to ISN's queries regarding its current operations and the identity of its founder who relocated the company headquarters from the United States to India in about a year.
The founder of Pronto who relocated the company headquarters from the United States to India in about a year is not identified in the provided search results, nor is the university where he studied mentioned.
Pronto's redomicile back to India is a rather unusual move for a nascent sector, but it seems that the company is confident in its ability to thrive in the Indian stock market. Only time will tell if Pronto's gamble pays off.
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