Flipkart, the Indian e-commerce giant owned by Walmart and a primary competitor to Amazon in the South Asian region, is preparing to relocate its headquarters from Singapore back to India as it readies itself for an initial public offering (IPO) on local stock exchanges.
Announcing the decision on Monday, Flipkart described this relocation as a “natural evolution,” emphasizing that it aligns the company’s holding structure more closely with its fundamental operations and reflects its confidence in the immense economic potential of India.
Originally founded in Bengaluru in 2007, Flipkart shifted its principal office to Singapore in 2011, a strategic decision designed to attract foreign investments, capitalize on favorable tax conditions, and efficiently navigate regulatory and bureaucratic challenges in India.
“As an enterprise born and nurtured in India, this transition will significantly sharpen our operational focus and agility, enabling us to better serve our customers, sellers, partners, and communities while actively participating in India’s burgeoning digital economy and entrepreneurial ecosystem,” a company spokesperson said.
Flipkart noted that the headquarters move remains contingent upon securing official regulatory approvals, but the firm did not specify an exact timeline for completion. The IPO filing, widely anticipated to take place next year, follows similar strategic moves by other technology-focused companies in India.
In recent months, a number of prominent startups, including Zepto and Groww, have also relocated their headquarters to India from overseas jurisdictions, as local stock exchanges gain traction as attractive venues for public market listings. Additionally, PhonePe, which previously spun off from Flipkart in late 2022, transferred its headquarters back to India from Singapore the same year.
However, India’s IPO environment has recently cooled somewhat, following a record-setting equity market performance in 2024. The country saw approximately $19 billion in IPO activity out of a total $70 billion in equity deals last year, including eleven offerings priced above $500 million, according to industry analysis. While the IPO market has contracted amid global macroeconomic uncertainties and market corrections, India remains an attractive locale for many upcoming IPO-ready companies.
Investors and analysts maintain an optimistic outlook on India’s longer-term growth potential. Sudarshan Ramakrishnan, co-head of India investment banking at Goldman Sachs, stated, “The supportive valuation environment has driven issuers’ activity in India. Many of the unicorns initially considering a listing in the U.S. have instead opted for India due to favorable valuations here.”
Flipkart’s upcoming IPO plans come approximately a year after Google’s $350 million investment into the company—part of a broader funding round initiated in 2023. This round valued Flipkart at roughly $36 billion.
