Flipkart, the Walmart-owned e-commerce giant, announced on Monday its plan to shift its holding company from Singapore to India, signaling a strategic move ahead of a potential initial public offering (IPO).
“This move is a natural progression that aligns our holding structure with our core operations, the vast potential of the Indian economy, and our tech-driven approach to digital transformation,” said a Flipkart spokesperson. “As a company born and built in India, this transition will sharpen our focus and agility in serving customers, sellers, partners, and communities, while reinforcing our commitment to India’s growing digital economy and entrepreneurial ecosystem. We’re optimistic about the opportunities that lie ahead and reaffirm our long-term confidence in India’s future.”
The relocation is subject to necessary regulatory approvals.
Walmart, which acquired Flipkart in 2018, had earlier stated that an IPO for the company remains a “long-term ambition.” This follows Walmart’s $1.4 billion purchase of Tiger Global Management’s remaining stake in Flipkart. “The IPO will happen at the right time,” a Walmart spokesperson told NDTV Profit previously.
In preparation for the listing and to strengthen corporate governance, Flipkart also brought on board Lydia Jett, former managing partner at SoftBank.
With this move, Flipkart joins a growing list of Indian-origin companies like Pine Labs, Zepto, and Razorpay that have undertaken a ‘reverse flip’ — shifting their legal base back to India after initially moving abroad for regulatory or tax reasons.