Flipkart plans to relocate to India from Singapore ahead of potential IPO

E-commerce giant Flipkart is planning to relocate its holding company from Singapore to India, joining the growing list of companies reverse flipping to India.

The development comes amidst reports of the Walmart-backed company’s plans to list on public bourses.

Speaking on the company’s reverse flip, a Flipkart spokesperson said, “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.”

According to a report by The CapTable, Walmart has been trying to list the e-commerce company for a while now. It even considered US as a potential option, though it did not materialise.

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”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. We are excited by the opportunities ahead and reaffirm our long-term confidence in India’s future,” the spokesperson said.

Meanwhile, PhonePe, another one of Walmart’s Indian bets, is gearing up for an IPO. On April 18, it converted into a public entity ahead of its listing. Another fintech major, Razorpay, also converted into a public entity amidst the process of shifting domicile.

The rising number of companies reverse flipping to India sheds light on the growing IPO market in the country and the easing of regulatory compliance norms, despite the overall slowdown in the market in recent months.

Following the listing of startups including EV-maker Ola Electric and food-tech major Swiggy in 2024, several companies are lining up to go public this year.