Walmart-owned e-commerce company
Flipkart has completed the process of shifting the domicile of its holding company from Singapore to India, a key structural step as it moves closer to a potential domestic public listing.
“Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group,” a Flipkart spokesperson said. “This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India. We are grateful to the Government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company,” the spokesperson added.
People familiar with the matter said Flipkart could target an initial public offering in calendar year 2027, depending on business readiness and market conditions. They added that Walmart-backed companies PhonePe and Flipkart are unlikely to pursue public listings in the same year. Fintech firm PhonePe is expected to go public earlier, potentially in 2026.
Flipkart is aiming for an IPO valuation of about $35 billion, according to people familiar with the matter, lower than earlier expectations amid current market conditions. “The company could consider raising about $1 billion to $2 billion in a fresh funding round to establish a new valuation benchmark ahead of a potential IPO,” said a person.
Flipkart has reportedly begun early discussions with investment banks including Goldman Sachs, Morgan Stanley, JPMorgan and Kotak Mahindra Capital to explore a potential listing in India.
The Bengaluru-based firm was last valued at approximately $36 billion. It has been bolstering its board and streamlining operations in recent months as it prepares for a public debut.
Flipkart is in a fierce battle with rivals like
Amazon, Reliance’s JioMart, and the Tata Group to tap the Indian e-commerce market, which is expected to reach $325 billion by 2030, growing at a robust compound annual growth rate (CAGR) of 21 per cent, according to a Federation of Indian Chambers of Commerce and Industry (Ficci)-Deloitte report.
Industry sources said Flipkart’s redomiciliation from Singapore to India represents a significant structural shift, aligning the company’s corporate base with its largely domestic operations. The move removes a key hurdle for a potential local listing and reflects growing confidence in India’s capital markets and regulatory framework to support large technology companies. They added that the transition signals a broader change in the startup ecosystem, where India is increasingly becoming not just the primary operating market but also the preferred corporate home for scaled internet businesses.
Industry sources said Flipkart’s redomiciliation underscores Walmart’s long-term commitment to the Indian market, embedding its investment more deeply within the country’s regulatory and capital-markets framework rather than signalling any exit. They noted that the move reflects confidence in India’s economic trajectory as the e-commerce company continues to scale its domestic operations. The firm is serving more than 500 million customers, supporting about 1.6 million sellers and operating a logistics network that reaches over 22,000 pincodes across the country.
Flipkart is also strengthening leadership and governance capabilities ahead of its planned IPO.
The Flipkart group recently named two senior executives — Jason Chappel joined as vice president and group controller, while Amer Hussain was appointed vice president of supply chain for grocery and Flipkart Minutes.
The firm recently announced the appointment of Jane Duke as chief ethics and compliance officer (CECO) for the Flipkart group. In December, Flipkart announced the appointment of former senior Meta executive Dan Neary to its board of directors.
It recently also hired Vipin Kapooria as vice president of business finance, and Yogita Shanbhag as vice president of human resources, among others.
