Digital
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Flipkart to shift base from Singapore to India ahead of IPO
Walmart owns 85% of Flipkart, following a $3.5 billion investment earlier this year. The remaining 15% is held by global giants including Tiger Global, Google, DST Global, GIC and Qatar Investment Authority.
While a clear timeline for the upcoming IPO is yet to be shared, the announcement puts Flipkart in IPO-ready mode.
Flipkart has confirmed plans to relocate its holding company from Singapore back to India, ahead of its IPOs.
The decision, officially announced on Tuesday, is aimed at aligning the e-commerce giant’s corporate structure with its operational and regulatory base in India.
“This transition reflects our deep and unwavering commitment to India,” Flipkart stated, crediting the country’s proactive policy framework, robust economic growth and investor-friendly digital ecosystem as key catalysts behind the shift.
Founded in 2007 and initially redomiciled to Singapore in 2011 to tap into global capital, Flipkart is now reversing that course in recognition of India’s maturing tech ecosystem and surging investor appetite. The relocation mirrors PhonePe’s 2022 move, another Walmart-backed firm, though that earlier shift reportedly cost Walmart nearly $1 billion in taxes.
Walmart owns 85% of Flipkart, following a $3.5 billion investment earlier this year. The remaining 15% is held by global giants including Tiger Global, Google, DST Global, GIC and Qatar Investment Authority.
While a clear timeline for the upcoming IPO is yet to be shared, the announcement puts Flipkart in IPO-ready mode.
SPOTLIGHT
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