Flipkart is in a sophisticated stage of securing regulatory approval to move its headquarters from Singapore to India, and the transition later this year has learned that Walmart-owned e-commerce giants are preparing for an IPO in India next year.
The Redmi-Kailing process has received principle approval from the Singapore courts, but several hearings have already been held at the National Court of Appeals for the National Corporations Act (NCLAT), those familiar with the matter told TechCrunch. Flipkart is working to complete the transition within the coming months and will lay the foundation for the expected public list for 2026, in line with the important sales period, which is India’s festive season.
Moving through bases back to homeland will help businesses to align with evolving local regulations and meet the requirements of their domestic stock list. It also makes sense to take advantage of India’s open market, given the growing base of retail investors and the growing appetite for IPOs. This trend reflects the increased maturity and appeal of Indian capital markets compared to overseas alternatives.
People said Flipkart began the process simultaneously in India and Singapore two and a half months ago, following the board’s approval of the relocation of its headquarters in April.
In 2022, Walmart-backed Phonepe, which split from Flipkart in the second half of 2022, moved its headquarters from Singapore to India. The Fintech company submitted a confidential IPO paper to the Securities and Exchange Commission of India (SEBI), the Indian market regulator, earlier this week. Recent reports suggest that PhonePE aims to raise £120 billion (approximately $1.35 billion) through its offering.
Startups, including Zepto and Groww, have moved their headquarters to India in recent months as they prepare to open to Indian stock exchanges. In particular, GrowW is set to become the first Indian startup to be listed domestically after redmomiciling from the US, with an IPO expected later this year.
Flipkart’s shift from its Singapore headquarters comes a year after raising $350 million from Google as part of the approximately $1 billion funding round that began in 2023. The company was valued at $36 billion with its latest investment, making it the most valuable startup for implementing the ready-sealing process.
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Flipkart did not respond to requests for comment.
