Flipkart completes redomiciliation to India, clears way for IPO

Flipkart confirmed on March 9, 2026 that it has completed the redomiciliation of the group to India, naming Bengaluru-based Flipkart Internet Private Limited as the holding entity. In a company statement Flipkart said, “Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group. This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India.”

The move follows a reverse flip and a court-sanctioned Scheme of Merger by Amalgamation that, according to public reporting, was cleared by the National Company Law Tribunal in December, with LinkedIn posting an order dated December 12. Flipkart has also sought approvals under Press Note 3 rules, and people familiar with the matter say the process secured in-principle approval from a Singapore court and has been the subject of hearings before the National Company Law Appellate Tribunal.

Under the consolidation, several Singapore-incorporated subsidiaries will be folded into the Indian parent, including Flipkart Health Pvt Ltd, QuickRoutes International Pvt Ltd, Flipkart Marketplace Pvt Ltd and FK Myntra Holdings Pvt Ltd. The reconstituted holding structure will encompass Myntra and Ekart, bringing the company’s principal operating, logistics and fashion marketplaces under the Bengaluru entity.

Corporate advisers and bankers are already in preliminary discussions. Flipkart has opened exploratory talks with Goldman Sachs, Morgan Stanley, JPMorgan and Kotak Mahindra Capital on a possible domestic listing, according to reports. Draft IPO papers are reported to be planned for 2026; timelines quoted in market commentary range from a listing “as early as 2026” to a window in late 2026 or early 2027.

The redomiciliation is widely read as a preparatory step for a major domestic IPO: the restructuring removes structural hurdles that overseas incorporations face when listing on Indian exchanges and aligns the legal domicile with the company’s India‑focused operations. Flipkart, which first shifted its headquarters to Singapore in 2014 to attract foreign capital, has raised roughly $36 billion to date and remains majority-owned by Walmart, which acquired control in 2018.

Market analysts and private research houses have begun to price the opportunity: one report places Flipkart’s current valuation at roughly $38 billion to $40 billion and a potential IPO valuation in the $60 billion to $70 billion range, figures the firm presenting as estimates. Those numbers would make Flipkart one of the largest technology listings in India, a market that has seen other platforms such as PhonePe, Meesho and Groww redomicile to meet domestic rules and tap a growing retail investor base.

Operationally, Flipkart has already tightened costs ahead of any public listing. Inc42 reported the company cut 400 to 500 roles, about 3 to 4 percent of staff, following an annual performance review exercise.

The company framed the redomiciliation as a commitment to India; a spokesperson also said, “We are grateful to the Government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company.” Whalesbook noted CEO Kalyan Krishnamurthy is “championing an AI-first approach, framing the IPO as a milestone within a broader vision for a future-proof business, distinct from merely an exit event.”

With statutory clearances reported in hand, the immediate next phase will be corporate housekeeping and regulatory filings: consolidating merger documents, confirming Press Note 3 outcomes and, if banks are formally appointed, filing draft papers with regulators. The redomiciliation removes a key structural obstacle; the size and timing of any listing will now depend on market conditions and the pace at which Flipkart and its advisers convert preparatory work into public filings.