For the longest time, getting accepted to Y Combinator, the Silicon Valley startup accelerator was like getting a golden ticket for your startup. It was suddenly on the map not just in India but in Silicon Valley, too.

For Indian founders who made it, the story of success began with a journey west. Set up in Delaware, impress YC, and get some of that Silicon Valley shine. But what happens when that dream starts looking more like a detour than a destination? Earlier this week, the online market place Meesho, once a poster child from the YC pipeline, announced it will pay nearly 300 million $ million in taxes just to bring its business back to India.

Why? Because that’s where the real opportunity is now. With an IPO in the works, Meesho is doing what many Indian startups are now considering: the reverse flip. And Meesho isnt the only one. Fintech unicorn Razorpay, another Y combinator baby, wants an Indian IPO in the next two years. Its expected to pay as much as $150 million to redomicile its business to India.

But if the endgame is an Indian IPO, why take the expensive US route in the first place? Is the YC badge still worth it?

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