Flipkart moves holding company to India for planned IPO
Walmart-owned Flipkart has moved its base from Singapore to India. This restructuring paves the way for a planned stock market listing in Mumbai by 2027.
Flipkart, the Indian e-commerce giant majority-owned by Walmart Inc., has officially transitioned its holding company from Singapore back to India. This strategic relocation serves as a primary step in the company's preparations for an upcoming initial public offering (IPO) on the local stock market. The firm joins a growing list of Indian startups that are returning from overseas financial hubs to capitalize on the country's improved IPO prospects.
The relocation follows official government approval for an internal restructuring process. In a statement, the company described the completion of its redomiciliation as a major achievement in its corporate history.
Flipkart has received the Indian government's approval for its internal restructuring and it has now completed its redomiciliation to India, calling it a significant milestone.
Founded in 2007 as an online bookstore, Flipkart has grown into a retail powerhouse that competes directly with Amazon.com, Inc.. The company originally moved its base to Singapore in 2011 but saw a significant shift in 2018 when Walmart acquired a majority stake for $16 billion. By 2024, Flipkart's valuation reached approximately $37 billion after Alphabet Inc. invested $350 million for a minority share.
According to sources familiar with the matter, Flipkart intends to list in Mumbai before March 2027. While the final valuation and the size of the IPO are still being determined, the move to India is seen as a necessary step to align with local regulatory requirements for a domestic listing.
