Walmart-backed e-commerce giant Flipkart has announced plans to shift its holding company from Singapore back to India. This move is aimed at aligning the company’s corporate structure with its core operations in the Indian market and preparing for a future Initial Public Offering (IPO) on Indian stock exchanges.
Flipkart had originally moved its holding entity to Singapore in 2011. The relocation to India mirrors a growing trend among Indian startups—like PhonePe, Razorpay, and Zepto—who are shifting their domiciles back to India to take advantage of favorable listing policies and a growing appetite for local IPOs.
The transition is expected to smoothen Flipkart’s IPO process, with market expectations pointing toward a listing by late 2025 or early 2026. The company is reportedly targeting a valuation of around $36 billion.
Walmart, which acquired a majority stake in Flipkart in 2018, is also planning to list PhonePe in India. Notably, when PhonePe shifted its headquarters from Singapore to India in 2022, it resulted in a substantial tax payout—something that Flipkart may also face as part of this strategic realignment.
Overall, this move marks a significant milestone in Flipkart’s long-term vision to deepen its roots in the Indian market and strengthen investor confidence through local listing.
