Flipkart Returns to India From Singapore After 14 Years

E-commerce company Flipkart is shifting its holding company from Singapore to India. The development comes after its parent firm, Walmart, is eyeing a potential initial public offering (IPO).

The e-commerce giant defined the relocation as “a natural evolution, aligning our holding structure with our core operations.” Flipkart started its journey in 2007 by selling books online before transforming into a major competitor against Amazon in the Indian e-commerce space. The holding entity of the company was moved to Singapore in 2011.

Walmart acquired a majority stake in Flipkart in 2018, a deal which also included ownership of PhonePe (Then owned by Flipkart).

PhonePe and Flipkart IPO

Both PhonePe and Flipkart are set to list on the Indian exchanges in the next two years. Dan Bartlett, Walmart's executive vice president for corporate affairs, had indicated this intention to Reuters last year.

The decision emphasises a growing trend among Indian startups who previously established their base in overseas financial hubs like Singapore and the US. Buoyed by favourable IPO prospects, which currently prohibits multiple listings, these companies are now opting to return to their roots.