Ipo-bound Flipkart Gains Key Approvals To Relocate To India

Flipkart is successful nan precocious stages of securing regulatory approvals to displacement its office from Singapore to India, pinch nan modulation targeted for later this year, TechCrunch has learned, arsenic nan Walmart-owned e-commerce elephantine prepares for an Indian IPO adjacent year.

The redomiciling process has received in-principle approvals from a Singapore court, while respective hearings person already taken spot astatine India’s National Company Law Appellate Tribunal (NCLAT), group acquainted pinch nan matter told TechCrunch. Flipkart is moving toward completing nan modulation wrong nan adjacent mates of months, aligning pinch India’s festive play — a captious income play — and laying nan groundwork for a nationalist listing expected arsenic early arsenic 2026.

Flipkart initiated nan process successful India and Singapore simultaneously complete 2 and a half months ago, pursuing nan board’s approval for nan relocation of its headquarters successful April, nan group said.

In 2022, Walmart-backed PhonePe, which had divided from Flipkart successful precocious 2022, relocated its headquarters from Singapore to India. The fintech patient revenge confidential IPO papers pinch India’s marketplace regulator, nan Securities and Exchange Board of India (SEBI), earlier this week. Recent reports propose that PhonePe is aiming to raise ₹120 billion (approximately $1.35 billion) done nan offering.

Startups including Zepto and Groww person besides relocated their office to India successful caller months arsenic they hole to spell nationalist connected Indian banal exchanges. Notably, Groww is group to become nan first Indian startup to database domestically aft redomiciling from nan U.S., pinch its IPO expected later this year.

Flipkart’s displacement from its Singapore office comes complete a twelvemonth aft it raised $350 cardinal from Google arsenic portion of a astir $1 cardinal backing information that began successful 2023. The institution was weighted astatine $36 cardinal successful its astir caller investment, making it nan astir valuable startup to undertake a redomiciling process.

Flipkart did not respond to requests for comments.