Walmart's Flipkart Moves Headquarters to India Ahead of Planned IPO

Flipkart has completed its redomiciliation from Singapore to India after receiving Government of India approval for the internal restructuring that makes Flipkart Internet Private Limited the new holding entity of the entire group. The move, nearly a year in the making since the company first announced the relocation in April 2025, positions Walmart's flagship Indian e-commerce investment for a public listing on Indian exchanges.

"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," a company spokesperson said. In a separate statement, the company added: "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."

The approval caps a regulatory journey that moved through two countries. By September 2025, the restructuring had cleared Singapore's court at the preliminary stage while hearings ran concurrently before India's National Appellate Tribunal for Corporate Law. By December 2025, the National Company Law Tribunal had granted its approval, which remained conditional on central government clearance. That final sign-off has now been received, completing the transition.

Sources familiar with the matter told TechCrunch that Flipkart expects to debut on Indian exchanges in the financial year ending March 2027. The company was last valued at roughly $37 billion in May 2024, when Walmart held an 80.5% stake, a position it built up from the original 77% acquisition in May 2018 for $16 billion, at the time the largest deal ever recorded in global e-commerce.

The business Walmart is preparing to take public has grown substantially since that acquisition. Flipkart's gross merchandise value reached approximately $30 billion in 2025, up from roughly $23 billion in 2021. The platform serves more than 500 million customers and 1.6 million sellers, while its logistics arm Ekart delivers across more than 22,000 PIN codes nationwide.

Founded in 2007 in Bengaluru by Sachin Bansal and Binny Bansal, Flipkart originally moved its holding structure offshore, as many Indian startups did at the time, to attract foreign capital from investors including Tencent, Tiger Global Management, and Microsoft, and to benefit from tax advantages and a more navigable regulatory environment. India's internet user base has since crossed one billion subscribers, reshaping the calculus considerably.

Flipkart's move tracks a broader reversal underway among Indian technology companies. Groww completed a domestic public listing last year after redomiciling, and Zepto filed confidentially for an IPO in December. India has actively encouraged this trend, pushing technology companies toward domestic listings and offering clearer regulatory and tax frameworks for companies willing to bring their holding structures home.