Walmart-owned Flipkart to flip its holding company from Singapore to India as it prepares for an IPO

We are excited by the opportunities ahead and reaffirm our long-term confidence in India’s future, a Flipkart spokesperson said.

Walmart-owned Flipkart, the e-commerce major, is preparing to flip its base back to India from Singapore as the company prepares for an eventual listing on the Indian stock markets, the firm said on April 21.

“As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation’s growing digital economy and entrepreneurship. We are excited by the opportunities ahead and reaffirm our long-term confidence in India’s future," a Flipkart spokesperson said.

While Flipkart expressed interest to move its domicile to India, it did not shed light on the timeline or how much of the process was completed.

“This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. We are inspired by the Government of India’s strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey. This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India," the spokesperson added.

With this decision, Flipkart will join the likes of Razorpay, Pine Labs, Zepto, and Meesho -- all of which are startups that are either in the advanced stages of flipping their base back to India or have already done so.

The decision comes at a time when Flipkart wants to prepare for an initial public offering (IPO) and list in India. It is however yet to firm up its plans to go public.