Flipkart board approves domicile shift from Singapore to India ahead of IPO

Walmart-owned Flipkart has secured board approval to relocate its holding company from Singapore back to India, setting in motion a long-planned "reverse flip" that will align the e-commerce leader's legal home with its largest market, ET reported.

"This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. We are inspired by the Government of India's strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey. This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation‑driven capabilities to foster digital transformation in India," said a Flipkart spokesperson.

"As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation’s growing digital economy and entrepreneurship."

IPO road map

The restructuring is expected to speed Flipkart's march toward an initial public offering on Indian exchanges by late 2025 or early 2026. According to a Business Standard report, the Amazon India rival may target an IPO valuation of $60 billion to $70 billion.

It is said that Indian domicile will simplify regulatory approvals and let investors buy into a pure‑play local entity, a key goal for Walmart, which paid $16 billion for a 77% stake in 2018. Flipkart was valued at about $33 billion after a $600 million funding round in December 2023, down from $37.6 billion in 2021 following the spin‑off of PhonePe.

Bonus issue signals preparation

Meanwhile, the board of Flipkart Internet (India) has approved a resolution to capitalise its securities premium of up to Rs 26,552 crore for the issuance of bonus shares to Flipkart (Singapore), Flipkart (Marketplace), and Quickroutes International, according to a regulatory filing accessed from the Registrar of Companies (RoC).

Flipkart joins a wave of home-grown technology firms that have repatriated in the past two years to tap into India’s deepening capital markets and startup-friendly policies. Dream11, Zepto, PhonePe, Groww, and Pine Labs have already completed similar moves, while Meesho, Razorpay, and Eruditus await approval.