Walmart’s Indian e-commerce unit Flipkart has completed its corporate domicile shift from Singapore to India, clearing regulatory hurdles for its planned stock market debut. The move positions one of India’s largest startups for a domestic initial public offering that could value the company at over $35 billion 1.
Key Takeaways
- Flipkart receives final government approval under Press Note 3 rules
- Company aims to file draft prospectus later this year
- Move follows similar reverse flips by Razorpay, Groww, Meesho
Regulatory Milestone Achieved
The Walmart-owned e-commerce giant received National Company Law Tribunal approval in December and has now secured central government clearance under Press Note 3 regulations 2. This final approval was necessary because Chinese internet company Tencent holds approximately 5-6% stake in Flipkart, requiring government review for investments from countries sharing land borders with India.
The approval enables Flipkart to begin formal discussions with merchant bankers as it prepares to file its draft red herring prospectus. Industry observers expect the filing within the next 12-18 months, making it potentially one of India’s largest technology IPOs.
Corporate Structure Overhaul
Under the new structure, multiple Singapore-based entities including subsidiaries for logistics arm Ekart, fashion retailer Myntra, and fintech platform Super.money will merge into Flipkart Internet Private Limited 3. The holding company restructuring consolidates ownership under the Indian entity, with Walmart maintaining its 77% controlling stake acquired in 2018 for $16 billion.
Founded in Bengaluru by Sachin and Binny Bansal, Flipkart initially moved its holding structure to Singapore in 2011 to access global capital markets. The reverse flip aligns with a broader trend among Indian startups returning home ahead of domestic listings.
Market Context and Peer Comparisons
Flipkart joins a growing list of major Indian startups executing reverse flips, with companies like Razorpay, Groww and Meesho cumulatively paying around $600 million in taxes to relocate their domiciles back to India 4. PhonePe, another Walmart-owned company, previously completed a similar transition in 2022, paying $1 billion in taxes.
The domicile shift comes as India’s consumer internet sector shows renewed IPO activity, with improved market conditions and stronger investor appetite for scaled technology platforms. Flipkart competes directly with Amazon in India’s rapidly growing e-commerce market.
Management Perspective
A Flipkart spokesperson said the move “completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India” 5. The company emphasized that the restructuring represents “a natural evolution, aligning our holding structure with our core operations.”
The reverse flip enables Flipkart to list on Indian stock exchanges, providing domestic retail investors access to one of the country’s most prominent technology success stories. Other investors in the company include Microsoft, Canada Pension Plan Investment Board, and SoftBank.
IPO Timeline and Valuation
While Flipkart has not provided specific IPO timing guidance, the completion of regulatory approvals removes a key barrier to market entry. The company was last valued at approximately $36 billion in private markets, though public market conditions will ultimately determine its listing valuation.
The IPO could set a new benchmark for Indian technology listings, potentially becoming one of the largest domestic debuts in the sector. Market analysts view the reverse flip trend as validation of India’s improving capital market infrastructure and regulatory environment for technology companies.
Not investment advice. For informational purposes only.
References
1Pranav Mukul (Mar 09, 2026). “Exclusive: IPO-bound Flipkart completes reverse flip; shifts domicile from Singapore to India”. The Economic Times. Retrieved March 09, 2026.
2Moneycontrol News (December 15, 2025). “Flipkart receives NCLT nod to move domicile back to India ahead of IPO”. Moneycontrol. Retrieved March 09, 2026.
3“IPO-bound Flipkart gains key approvals to relocate to India” (Sep 26, 2025). TechCrunch. Retrieved March 09, 2026.
4Novinston Lobo (Apr 22, 2025). “Flipkart shifts base back to India”. LinkedIn. Retrieved March 09, 2026.
5“Flipkart To Shift HQ From Singapore To India Ahead Of Its IPO | CNBC V18” (Apr 22, 2025). CNBC-TV18. Retrieved March 09, 2026.