A reverse flip is the unwinding of the classic "Delaware flip": a startup that earlier moved its holding company to the US (or Singapore) re-domiciles so that the Indian entity becomes the parent again — usually by merging the foreign parent into the Indian company through an NCLT-approved cross-border merger.
The driver is almost always a planned India listing: Indian stock exchanges list Indian companies, and Indian markets have been rewarding domestic tech listings. Several prominent startups have paid substantial tax bills to come back.
The lesson for earlier-stage founders: the flip is close to a one-way door. If an Indian IPO is a plausible outcome for your business, the future cost of reversing belongs in today's flip decision. We model both sides before you sign anything.