Our Bureau
Singapore
Flipkart, one of India’s largest e-commerce platform, is set to shift its domicile from Singapore to India as it prepares for an initial public offering (IPO) within the next 12-15 months. Valued at approximately $36 billion, the Walmart-owned company has secured internal approvals for this significant move, which is expected to streamline its listing process on Indian stock exchanges.
The decision aligns with Flipkart’s long-term strategy to better integrate its operations within the Indian market and comply with local regulatory requirements. This shift is anticipated to simplify the IPO process and could yield substantial tax benefits for the Indian government. The IPO is expected to be launched by late 2025 or early 2026, marking a pivotal moment for Flipkart and potentially one of the largest listings in India’s booming startup ecosystem.
Flipkart’s journey toward public listing has been in the works since 2021 but faced delays due to unfavorable market conditions in 2022-23. However, with a more favorable outlook for consumer-tech IPOs, Flipkart is poised to lead a wave of new-age firms planning public offerings in the coming years. The company’s successful fundraising efforts, including nearly $1 billion raised in 2024, have bolstered investor confidence.
This strategic domicile shift follows a broader trend of “reverse flipping,” where companies that previously moved abroad are returning to India. Notably, PhonePe, also owned by Walmart, made a similar relocation earlier this year. This trend reflects growing investor interest in local listings and the increasing attractiveness of India’s startup ecosystem.
As Flipkart transitions its headquarters back to India, it aims to leverage its extensive operations throughout the country, which include marketplace management, logistics, and payment services. The move underscores Flipkart’s commitment to its home market and positions it favorably for future growth and profitability.
