IPO-bound Flipkart gets nod to move headquarters to India
What's the story
Walmart-owned e-commerce giant Flipkart is in the final stages of getting regulatory approvals to shift its headquarters from Singapore to India. The move, which is part of the company's preparation for an Indian IPO next year, has already received in-principle approvals from a Singapore court. Several hearings have also been held at India's National Company Law Appellate Tribunal (NCLAT), according to TechCrunch.
Strategic timing
Transition expected to complete in next few months
Flipkart is looking to complete the transition in the next few months, in line with India's festive season. This period is crucial for sales and will help set the stage for a public listing that could happen as early as 2026. The company started the process in both countries simultaneously over two and a half months ago, after its board approved the move back in April.
Industry trend
PhonePe, Zepto also moved HQs to India
Flipkart's decision to move its headquarters comes after Walmart-backed PhonePe made a similar shift in late 2022. The fintech firm recently filed confidential IPO papers with India's Securities and Exchange Board of India (SEBI). According to recent reports, PhonePe hopes to raise ₹120 billion (roughly $1.35 billion) through the offering. Other start-ups like Zepto and Groww have also moved their HQs to India ahead of their public listings on Indian stock exchanges.
Financial backdrop
Flipkart raised $350 million from Google in early September
Flipkart's move from Singapore comes after it raised $350 million from Google in a nearly $1 billion funding round that began in 2023. The company was valued at $36 billion in its last investment, making it the most valuable start-up to go through a redomiciling process. Notably, Groww will be the first Indian start-up to list domestically after moving its headquarters from the US, with an IPO expected later this year.