IPO-bound Flipkart positive aspects key approvals to relocate to India

Flipkart is within the superior levels of securing regulatory approvals to shift its headquarters from Singapore to India, with the transition focused for later this yr, TechCrunch has realized, because the Walmart-owned e-commerce large prepares for an Indian IPO subsequent yr.

The redomiciling course of has acquired in-principle approvals from a Singapore courtroom, whereas a number of hearings have already taken place at India’s Nationwide Firm Regulation Appellate Tribunal (NCLAT), folks aware of the matter instructed TechCrunch. Flipkart is working towards finishing the transition inside the subsequent couple of months, aligning with India’s festive season — a vital gross sales interval — and laying the groundwork for a public itemizing anticipated as early as 2026.

Flipkart initiated the method in India and Singapore concurrently over two and a half months in the past, following the board’s approval for the relocation of its headquarters in April, the folks mentioned.

In 2022, Walmart-backed PhonePe, which had break up from Flipkart in late 2022, relocated its headquarters from Singapore to India. The fintech agency filed confidential IPO papers with India’s market regulator, the Securities and Alternate Board of India (SEBI), earlier this week. Latest stories counsel that PhonePe is aiming to lift ₹120 billion (roughly $1.35 billion) by the providing.

Startups together with Zepto and Groww have additionally relocated their headquarters to India in latest months as they put together to go public on Indian inventory exchanges. Notably, Groww is about to change into the primary Indian startup to record domestically after redomiciling from the U.S., with its IPO anticipated later this yr.

Flipkart’s shift from its Singapore headquarters comes over a yr after it raised $350 million from Google as a part of an almost $1 billion funding spherical that started in 2023. The corporate was valued at $36 billion in its most up-to-date funding, making it essentially the most precious startup to undertake a redomiciling course of.

Flipkart didn’t reply to requests for feedback.