With the process now completed, the company can proceed with preparations for its initial public offering (IPO). Flipkart has reportedly begun discussions with merchant bankers as part of the early stages of the listing process. The company is expected to file its draft red herring prospectus later this year.

Launched in 2007 as an online bookstore, Flipkart has grown into one of India’s largest e-commerce platforms and a key rival to Amazon in the country. The company had shifted its headquarters from Bengaluru to Singapore in 2011, a move that was common among Indian technology startups seeking access to foreign investment opportunities, benefiting from tax efficiencies, and avoiding bureaucratic and regulatory hurdles in India.

Founded by Sachin Bansal and Binny Bansal, Flipkart has previously been backed by global investors such as Tencent, Tiger Global Management, and Microsoft. In May 2018, Walmart, the world’s largest retailer, made history by acquiring a 77% stake in Flipkart for $16 billion, the largest deal ever in global e-commerce. By December 2023, Walmart had raised its stake to 80.5% and is now preparing to take Flipkart public.