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Flipkart flips domicile to India, eyes IPO in 2026
What’s the story
Walmart-owned e-commerce giant Flipkart has received approval from the National Company Law Tribunal (NCLT) to change its domicile from Singapore to India.
The move is a major step in the company’s journey toward a public listing on Indian exchanges.
Flipkart plans to file its initial public offering (IPO) draft papers in 2026.
Flipkart seeks government approval considering Tencent’s stake
As part of the re-domiciling process, Flipkart has now sought approval from the central government under Press Note 3 rules. The move is necessitated by Chinese investor Tencent’s stake in the company.
“Chinese investor Tencent holds a 5-6% stake in Flipkart…which is why the e-commerce firm needs a nod from the government to bring its Singapore parent under the fold of Indian entity,” an insider told ET.
Flipkart’s re-domiciling process approved by board
The re-domiciling process was approved by Flipkart’s board of directors in April this year.
Once the process is complete, Bengaluru-based Flipkart Internet Pvt Ltd will be the main entity housing all operations and subsidiaries including Myntra, Ekart, and others.
In May 2024, Flipkart had closed a $1 billion funding round with a $350 million investment from Alphabet’s Google at a valuation of about $35-36 billion.
Flipkart’s financial performance and future plans
Ahead of its IPO plans, Flipkart appointed former senior Meta executive Dan Neary to its board of directors.
The company’s IPO will be the second public offering from Walmart’s India stable after PhonePe.
Despite a wider slowdown in overall online retail, Flipkart group entities have managed to narrow losses by cutting back on expenses.
Flipkart’s financials and future prospects
Financial statements of Flipkart group entities showed a 14% increase in revenue for Flipkart Internet at ₹20,493 crore in FY25.
Net losses also fell by 37% to ₹1,494 crore during the same period.
Myntra, the fashion and beauty etailer owned by Flipkart, saw its profits jump nearly 18-fold during FY25.
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