IPO-bound Flipkart gains key approvals to relocate to India

Flipkart is in the advanced stages of securing regulatory approvals to shift its headquarters from Singapore to India, with the transition targeted for later this year, TechCrunch has learned, 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, while several hearings have already taken place at India’s National Company Law Appellate Tribunal (NCLAT), people familiar with the matter told TechCrunch. Flipkart is working toward completing the transition within the next couple of months, aligning with India’s festive season — a critical sales period — and laying the groundwork for a public listing expected as early as 2026.

Relocating their base back home helps companies align with evolving local regulations and meet requirements for domestic stock listings. It also makes sense to tap India’s public markets, given the expanding retail investor base and rising appetite for IPOs. The trend reflects the growing maturity and attractiveness of India’s capital markets compared to overseas alternatives.

Flipkart initiated the process in India and Singapore simultaneously over two and a half months ago, following the board’s approval for the relocation of its headquarters in April, the people said.

In 2022, Walmart-backed PhonePe, which had split from Flipkart in late 2022, 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 (SEBI), earlier this week. Recent reports suggest that PhonePe is aiming to raise ₹120 billion (approximately $1.35 billion) through the offering.

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 U.S., with its IPO expected later this year.

Flipkart’s shift from its Singapore headquarters comes over a year after it raised $350 million from Google as part of a nearly $1 billion funding round that began in 2023. The company was valued at $36 billion in its most recent investment, making it the most valuable startup to undertake a redomiciling process.

Flipkart did not respond to requests for comments.