Flipkart is in the advanced stages of securing regulatory approvals to shift its headquarters from Singapore to India. The transition is targeted for later this year as the Walmart-owned e-commerce giant prepares for an Indian IPO next year.
The redomiciling process has received in-principle approvals from a Singapore court. Several hearings have also already taken place at India’s National Company Law Appellate Tribunal. Flipkart is working toward completing the transition within the next couple of months. This timeline aligns with India’s festive season, a critical sales period, and lays the groundwork for a public listing expected as early as 2026.
Flipkart initiated the process in India and Singapore simultaneously over two and a half months ago. This followed the board’s approval for the relocation of its headquarters in April.
In 2022, Walmart-backed PhonePe, which had split from Flipkart, relocated its headquarters from Singapore to India. The fintech firm filed confidential IPO papers with India’s market regulator, the Securities and Exchange Board of India, earlier this week. Recent reports suggest that PhonePe is aiming to raise approximately 120 billion rupees, or about 1.35 billion US dollars, through the offering.
Other startups including Zepto and Groww have also relocated their headquarters to India in recent months as they prepare to go public on Indian stock exchanges. Notably, Groww is set to become the first Indian startup to list domestically after redomiciling from the US, with its IPO expected later this year.
Flipkart’s shift from its Singapore headquarters comes over a year after it raised 350 million US dollars from Google. This was part of a nearly one billion dollar funding round that began in 2023. The company was valued at 36 billion US dollars in its most recent investment, making it the most valuable startup to undertake a redomiciling process.
Flipkart did not respond to requests for comments.