Flipkart eyes IPO in 12-15 months, prepares to move base to India: Report

move to relocate Flipkart's domicile to India is part of its long-term strategy for a domestic IPO.

Flipkart, India's largest e-commerce platform, is gearing up for an initial public offering (IPO) within the next 12-15 months, The Economic Times reported citing unidentified sources. The Walmart-owned company, valued at $36 billion, has reportedly secured internal approvals to shift its domicile from Singapore to India, a significant step toward listing on Indian stock exchanges.

The IPO is expected to take place by the end of 2025 or early 2026, said the ET report, adding that the process has begun with a clear understanding of the timeline to take the company public.

Internal approval for domicile shift to prepare for listing

The move to relocate Flipkart's domicile to India is part of its long-term strategy to align its operations with the Indian market and meet regulatory requirements for a domestic listing. Flipkart Pvt Ltd, currently headquartered in Singapore, oversees multiple subsidiaries in India managing its marketplace, logistics, payments, and other verticals. The domicile shift is expected to streamline the IPO process and could result in a significant tax windfall for the Indian government.

Walmart's evolving IPO plans

Walmart, which acquired Flipkart in 2018 for $16 billion, has been carefully assessing the right time to take its prized asset public. In May 2024, the retail giant confirmed that it was exploring IPO timelines for Flipkart and PhonePe, its digital payments platform. At the time, Walmart stated that it was actively assessing the right time to launch Flipkart’s IPO, reported Moneycontrol.

Walmart executives had told analysts that Flipkart and its payments platform, PhonePe had showed strong growth. “We’re looking and exploring when would be the right time to IPO that (Flipkart) business. There’s strong growth in Flipkart and in PhonePe, and we’re excited about the India market,” a Walmart executive had said.

While Flipkart was seen as the more mature business, a Reuters report in June 2024 quoted Walmart's corporate affairs executive, Dan Bartlett, as suggesting that PhonePe might go public before Flipkart.

India's booming e-commerce market

Flipkart’s IPO plans come as India's e-commerce sector continues to witness robust growth. The company competes with Amazon and other domestic players for market share, with both Walmart and Amazon heavily investing in India’s digital commerce ecosystem. The public listing will mark a significant milestone for Flipkart, founded 17 years ago as one of India’s earliest consumer internet startups.

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