Walmart’s Indian e-commerce firm Flipkart has moved its holding company from Singapore to India, paving the way for its planned stock market listing in the country.
This move aligns Flipkart with other Indian startups returning home to enhance IPO prospects after initially opting for overseas bases for better capital access and tax benefits.
The Indian government’s approval for Flipkart’s internal restructuring marks a significant milestone for the firm.
Established in 2007, Flipkart has grown into a major competitor to Amazon in India, initially moving to Singapore in 2011.
After Walmart acquired a controlling stake in 2018 for $16 billion, Flipkart was valued at approximately $37 billion in 2024 following a minority investment from Google.
The company aims for a Mumbai listing by March 2027.
Source: Mint