IPO-bound Flipkart gains key approvals to relocate to India

Flipkart is in the final stages of securing regulatory approvals to move its headquarters from Singapore to India, with the transition expected later this year as the Walmart-owned e-commerce leader prepares for an Indian IPO in 2026, TechCrunch has learned.

The redomiciling process has already received in-principle approval from a Singapore court. At the same time, multiple hearings have been held at India’s National Company Law Appellate Tribunal (NCLAT), according to people familiar with the matter. Flipkart aims to complete the shift within the next few months, aligning the move with India’s festive season, a key sales period, and setting the stage for its upcoming public listing.

Relocating headquarters to India allows companies to meet domestic stock listing requirements and adapt to local regulatory frameworks. It also provides access to India’s growing retail investor base and the strong appetite for IPOs, reflecting the increasing depth and attractiveness of India’s capital markets compared to overseas exchanges.

Flipkart launched the redomiciling process in both Singapore and India around two and a half months ago, following board approval in April.

The move follows a trend among Indian startups. In 2022, PhonePe, which split from Flipkart that same year, also shifted its headquarters from Singapore to India. The fintech firm filed confidential IPO papers with India’s market regulator SEBI this week and is reportedly targeting a ₹120 billion ($1.35 billion) raise. Similarly, startups like Zepto and Groww have redomiciled to India ahead of their own IPO plans, with Groww expected to become the first Indian startup to list domestically after moving its base from the U.S.

Flipkart’s decision also comes more than a year after it raised $350 million from Google in a nearly $1 billion funding round that valued the company at $36 billion — making it the most valuable startup to undergo the redomiciling process.

Flipkart has not responded to requests for comment.