Flipkart is nearing the final steps of obtaining regulatory clearance to move its main office from Singapore to India, with plans to complete the move later this year, according to information obtained by TechCrunch. The Walmart-owned e-commerce leader is making these preparations as it sets its sights on an Indian IPO in the coming year.
Sources familiar with the situation told TechCrunch that the redomiciling effort has already secured preliminary approval from a Singapore court, and multiple sessions have been held at India’s National Company Law Appellate Tribunal (NCLAT). Flipkart aims to wrap up the transition in the next few months, coinciding with India’s major festive shopping season and paving the way for a potential public offering as soon as 2026.
According to those familiar with the matter, Flipkart began the relocation process in both India and Singapore at the same time just over two and a half months ago, after its board gave the green light for the move in April.
In 2022, PhonePe, which had separated from Flipkart at the end of that year and is also backed by Walmart, shifted its headquarters from Singapore to India. The fintech company submitted confidential IPO documents to the Securities and Exchange Board of India (SEBI) earlier this week. Recent news indicates PhonePe is targeting a fundraising of ₹120 billion (about $1.35 billion) through its IPO.
Other startups, such as Zepto and Groww, have also moved their headquarters to India in recent months as they gear up for listings on Indian stock markets. Of note, Groww is on track to become the first Indian startup to go public domestically after moving its base from the U.S., with its IPO anticipated before the end of the year.
Flipkart’s decision to relocate from Singapore comes more than a year after it secured $350 million from Google as part of a larger funding round totaling nearly $1 billion that started in 2023. The company’s latest valuation reached $36 billion, making it the highest-valued startup to undergo such a redomiciling process.
Flipkart has not provided any comments in response to inquiries.
