Flipkart, the Walmart-backed Indian e-commerce giant, has announced plans to shift its holding company from Singapore to India as it prepares for an initial public offering (IPO) on Indian stock exchanges. This strategic move is aimed at aligning the company’s corporate structure with its core operations in India and facilitating its public listing.Reuters
Founded in 2007, Flipkart initially moved its holding company to Singapore in 2011 to attract global investors and benefit from favorable tax regulations. However, with the Indian market’s growing significance and the government’s push for domestic listings, Flipkart is now realigning its structure to better suit its operational base.Reuters
A Flipkart spokesperson stated, “This move represents a natural evolution, aligning our holding structure with our core operations.” The decision follows a similar move by PhonePe, Flipkart’s former subsidiary, which relocated its headquarters from Singapore to India in 2022—a transition that reportedly cost Walmart nearly $1 billion in taxes.Reuters
Walmart, which acquired a majority stake in Flipkart in 2018, is reportedly planning to list both Flipkart and PhonePe on Indian stock exchanges in the coming years. This trend reflects a broader shift among Indian startups like Razorpay, Pine Labs, Zepto, and InMobi, which are also returning their headquarters to India to capitalize on favorable IPO conditions in the country.Reuters
Sources (full links):
- Business Standard: https://www.business-standard.com/companies/start-ups/ipo-bound-flipkart-plans-to-shift-holding-company-from-singapore-to-india-125042101461_1.html
- India Today: https://www.indiatoday.in/business/story/flipkart-eyes-public-listing-to-shift-base-from-singapore-to-india-ahead-of-ipo-2712827-2025-04-22
Disclaimer: This article is not authored or drafted by any employee of FinMen Advisors. The information presented is entirely sourced from the above news links. FinMen Advisors is not responsible for the accuracy, completeness, or reliability of the information.
