Flipkart, India’s homegrown e-commerce giant and Walmart-owned powerhouse, is set to relocate its headquarters from Singapore back to India as it prepares for a highly anticipated initial public offering (IPO) on Indian stock exchanges, likely by late 2025 or early 2026. Founded in Bengaluru in 2007, Flipkart moved its holding company to Singapore in 2011 to attract foreign investments, benefit from tax advantages, and navigate regulatory complexities. However, the company now views this move as a natural evolution to realign its corporate structure with its core operations and the vast growth potential of the Indian economy.
A Flipkart spokesperson emphasized that returning to India will enhance the company’s agility and focus in serving its customers, sellers, and partners, while contributing to the nation’s burgeoning digital economy and entrepreneurship ecosystem.
The decision also reflects confidence in India’s improving ease of doing business, proactive government initiatives, and a favorable regulatory environment for domestic listings. This relocation is a strategic prerequisite for Flipkart’s planned IPO, as Indian regulations prohibit dual listings and favor companies domiciled in India for smoother compliance and better access to retail investors.
Flipkart’s board has approved the redomiciling process, which is expected to be completed ahead of the IPO. The company aims for a valuation between $60 billion and $70 billion, potentially making it the largest consumer-tech IPO in India’s history.
Flipkart’s move follows a similar transition by PhonePe, its former subsidiary, which shifted its headquarters back to India in 2022, incurring significant tax costs but positioning itself better for a domestic public offering. Other Indian startups like Zepto, Groww, Razorpay, and InMobi have also relocated their bases to India recently, reflecting a broader trend driven by the maturing Indian capital markets and investor appetite for homegrown tech firms
Despite recent market corrections and macroeconomic headwinds, investor optimism remains strong due to India’s expanding e-commerce market, projected to reach $300 billion by 2030, fueled by rising internet penetration and urbanization. Flipkart’s recent $350 million investment from Google as part of a $1 billion funding round valued the company at $36 billion, underscoring its growth trajectory ahead of the IPO.
In summary, Flipkart’s headquarters relocation to India is a calculated move to align its corporate structure with its operational reality, capitalize on India’s booming digital economy, and streamline its path to a landmark domestic IPO, reinforcing its commitment to India’s future as a global e-commerce leader.