Flipkart to Shift Holding Company to India Before Potential IPO Flipkart now joins names like Razorpay, Pine Labs, Zepto, and PhonePe in this trend, underscoring a shifting tide in India's maturing tech ecosystem.
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Flipkart, an Indian homegrown e-commerce, is bringing its roots back. The Walmart-owned company has announced plans to shift its holding entity from Singapore to India, marking a pivotal step in what industry watchers see as a prelude to a long-anticipated IPO.
The move comes amid increasing momentum for Indian startups to "reverse flip", i.e., returning their legal domicile to India after setting up bases abroad, often for tax or investment convenience. Flipkart now joins names like Razorpay, Pine Labs, Zepto, and PhonePe in this trend, underscoring a shifting tide in India's maturing tech ecosystem.
"This move represents a natural evolution," a Flipkart spokesperson said. "It aligns our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India."
Walmart, which acquired a majority stake in Flipkart for $16 billion in 2018, has long signaled IPO ambitions for the company. Although a US listing was once on the table, it didn't materialize. Now, the focus appears to be firmly on Indian shores. Flipkart's return signals not only confidence in India's regulatory environment but also in the strength of its public markets.
"As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities," the spokesperson added. "We are excited by the opportunities ahead and reaffirm our long-term confidence in India's future."
The relocation, which remains subject to regulatory approval, follows other key moves hinting at IPO readiness. Flipkart recently appointed Lydia Jett, a seasoned investor and former SoftBank managing partner, to its board.
Meanwhile, PhonePe, another major Walmart-backed venture, converted into a public entity on April 18 in preparation for its own listing. Razorpay is also making similar moves, with both companies part of a new wave betting on India's capital markets.
