Flipkart, the Indian e-commerce firm owned by Walmart, is preparing to shift its headquarters from Singapore back to India. This move aligns with its upcoming plan to list on Indian stock exchanges. On Monday, Flipkart said the relocation “represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy.”
Founded in 2007 in Bengaluru, Flipkart moved its base to Singapore in 2011 to gain easier access to foreign capital, tax benefits, and smoother regulatory navigation. Now, the company is looking to bring its legal structure closer to its primary market and operations.
A spokesperson for Flipkart said, “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.”
Flipkart Returning to India for Public Listings
The relocation is pending regulatory approvals, and Flipkart has not specified an exact timeline. However, it is expected to file for its IPO in India next year.
This trend mirrors that of several high-profile startups. Walmart-backed PhonePe moved its headquarters to India in 2022 after separating from Flipkart. Others like Zepto and Groww have also recently returned to India to better position themselves for domestic listings.
Still, India’s public markets are currently experiencing a cooldown. The environment has become less favorable since late last year, driven by macroeconomic factors and market corrections. According to Goldman Sachs, IPOs accounted for about $19 billion of India’s record $70 billion in equity deal volume in 2023, with 11 offerings surpassing $500 million in value.
Despite short-term market fluctuations, investor confidence in India’s long-term prospects remains strong. Many startups are preparing to go public over the next 12 to 18 months. Sudarshan Ramakrishnan, co-head of India investment banking at Goldman Sachs, noted, “The supportive valuation environment has spurred issuer activity. A lot of the unicorns who were thinking of going public in the U.S. switched to India because they felt India supported a better valuation.”
Flipkart’s decision comes nearly a year after raising $350 million from Google in a funding round that began in 2023. The company was valued at $36 billion following the investment and continues to be one of the key players in India’s digital economy.
