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Flipkart gets NCLT nod to shift domicile to India ahead of 2026 IPO plans
Flipkart has also sought government approval under the Press Note 3 rules, which mandate prior clearance for investments from countries sharing a land border with India
Flipkart is majority-owned by US retail giant Walmart, which holds about 77% of the company.
Walmart-owned Flipkart has received approval from India’s National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India, clearing a key regulatory hurdle as the e-commerce major prepares for a much-anticipated initial public offering in 2026, The Economic Times reported.
The company has also sought government approval under the Press Note 3 rules, which mandate prior clearance for investments from countries sharing a land border with India. According to the report, Chinese technology giant Tencent holds a 5–6% stake in Flipkart, necessitating government approval to bring the Singapore-based parent entity under the Indian corporate structure.
Once the “flip-back” process is completed, Flipkart’s India entity will become the primary holding company, housing all major operations and subsidiaries, including Myntra and logistics arm Ekart.
Flipkart is majority-owned by US retail giant Walmart, which holds about 77% of the company. Other shareholders include Microsoft, Canada Pension Plan Investment Board (CPPIB) and SoftBank.
The proposed listing would mark the second public market debut from Walmart’s India portfolio after digital payments firm PhonePe filed draft papers with the Securities and Exchange Board of India (Sebi) for a $1.5 billion IPO through the confidential route earlier this year.
Flipkart’s IPO is also expected to follow the listing of its younger e-commerce rival Meesho, which made its stock market debut on December 10.
Operationally, Flipkart’s group entities have shown improving financials as the company reins in costs. Flipkart Internet reduced its losses by 37% to Rs 1,494 crore in FY25, while revenue rose by Rs 20,493 crore during the year.
Fashion marketplace Myntra reported an 18% rise in revenue to Rs 6,042 crore in FY25 from Rs 5,121 crore in FY24. Its profit after tax jumped sharply to Rs 548.3 crore from Rs 30.9 crore, marking a 1,674% year-on-year increase.
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