IPO-bound Flipkart beneficial properties key approvals to relocate to India

Flipkart is within the superior phases of securing regulatory approvals to shift its headquarters from Singapore to India, with the transition focused for later this 12 months, TechCrunch has realized, because the Walmart-owned e-commerce big prepares for an Indian IPO subsequent 12 months.

The redomiciling course of has obtained in-principle approvals from a Singapore court docket, whereas a number of hearings have already taken place at India’s Nationwide Firm Regulation Appellate Tribunal (NCLAT), folks accustomed to the matter informed TechCrunch. Flipkart is working towards finishing the transition inside the subsequent couple of months, aligning with India’s festive season — a vital gross sales interval — and laying the groundwork for a public itemizing anticipated as early as 2026.

Relocating their base again residence helps firms align with evolving native rules and meet necessities for home inventory listings. It additionally is sensible to faucet India’s public markets, given the increasing retail investor base and rising urge for food for IPOs. The development displays the rising maturity and attractiveness of India’s capital markets in comparison with abroad alternate options.

Flipkart initiated the method in India and Singapore concurrently over two and a half months in the past, following the board’s approval for the relocation of its headquarters in April, the folks mentioned.

In 2022, Walmart-backed PhonePe, which had break up from Flipkart in late 2022, relocated its headquarters from Singapore to India. The fintech agency filed confidential IPO papers with India’s market regulator, the Securities and Alternate Board of India (SEBI), earlier this week. Current experiences recommend that PhonePe is aiming to raise ₹120 billion (roughly $1.35 billion) via the providing.

Startups together with Zepto and Groww have additionally relocated their headquarters to India in current months as they put together to go public on Indian inventory exchanges. Notably, Groww is ready to turn into the primary Indian startup to checklist domestically after redomiciling from the U.S., with its IPO anticipated later this 12 months.

Flipkart’s shift from its Singapore headquarters comes over a 12 months after it raised $350 million from Google as a part of an almost $1 billion funding spherical that started in 2023. The corporate was valued at $36 billion in its most up-to-date funding, making it probably the most invaluable startup to undertake a redomiciling course of.

Flipkart didn’t reply to requests for feedback.