E-commerce marketplace Flipkart has completed its reverse flip, shifting its domicile back to India from Singapore, paving the way for the Walmart-owned company to move ahead with its plans to list on Indian stock exchanges.
The company has begun early discussions with merchant bankers as it prepares for a potential initial public offering (IPO) and is aiming to file its draft prospectus later this year, according to people familiar with the development.
Redomiciliation
Confirming the development, a Flipkart spokesperson said: “Flipkart has received Government of India’s approval for its internal restructuring, pursuant to which Flipkart Internet Private Ltd is now the holding entity of the Flipkart group. 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.”
Flipkart moved its holding structure to Singapore in 2011. At the time, several Indian start-ups adopted overseas domiciles to tap global capital more easily under simpler regulatory regimes in markets such as Singapore and the US.
However, in recent years a growing number of Indian start-ups have been shifting their domiciles back to India, especially ahead of planned public listings. Companies such as Razorpay, Groww, Meesho and Dream11 have undertaken similar reverse-flip exercises.
As part of the restructuring, several Singapore-based entities — including the group’s parent company — have been merged into Flipkart Internet Private Ltd, which will now serve as the holding entity for the Flipkart group.
These entities include the holding companies for the group’s logistics arm Ekart, fashion platform Myntra, fintech platform Super.money, online travel agency Cleartrip and healthcare platform Flipkart Health.
Earlier, these businesses rolled up into the Singapore-based parent company, which housed Flipkart’s entire investor base. Following the restructuring, the investors will instead hold stakes directly in Flipkart Internet.
The company required clearance from the central government to complete the restructuring because the Chinese internet major Tencent owns roughly a 5–6 per cent stake in Flipkart.
Under Press Note 3 norms introduced in 2020, investments from countries sharing a land border with India require government approval.
In May 2018, US retail giant Walmart acquired a 77 per cent stake in Flipkart in a $16 billion deal — one of the largest ecommerce transactions globally. Other investors in the company include Microsoft, Canada Pension Plan Investment Board and SoftBank.
With the government clearance now in place, Flipkart has secured all regulatory approvals required to complete the redomiciliation.
Published on March 9, 2026
This Post Has 0 Comments