IPO-bound Flipkart gains key approvals to relocate to India

Flipkart is making significant strides towards relocating its headquarters from Singapore back to India, with a target completion date set for later this year. This move comes as the Walmart-owned e-commerce platform gears up for an anticipated initial public offering (IPO) in India next year, according to sources familiar with the developments. The transition has already received preliminary approvals from a court in Singapore, and multiple hearings have been conducted at India's National Company Law Appellate Tribunal (NCLAT). Flipkart aims to finalize this move within the next few months, strategically aligning it with India's festive season—a crucial time for sales—and setting the stage for a public listing that could happen as early as 2026. This redomiciling initiative was set in motion over two and a half months ago, following the board's endorsement of the headquarters shift in April. Notably, Walmart-backed PhonePe, which separated from Flipkart late last year, also made a similar move by relocating its headquarters to India. PhonePe has recently filed confidential IPO documents with the Securities and Exchange Board of India (SEBI), aiming to raise approximately ₹120 billion (around $1.35 billion) through its public offering. In recent months, several startups, including Zepto and Groww, have also shifted their headquarters to India in preparation for public listings on Indian stock exchanges. Groww is on track to become the first Indian startup to list locally after relocating from the U.S., with its IPO expected later this year. Flipkart’s move back to India follows a substantial funding round in 2023, where the company secured $350 million from Google, contributing to a total funding of nearly $1 billion. With a valuation of $36 billion from its latest investment, Flipkart stands as the most valuable startup to undergo a redomiciling process. Requests for comments from Flipkart have not been answered.