Flipkart has received approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India, a key step as the Walmart-owned e-commerce company moves closer to a proposed initial public offering on Indian stock exchanges, The Economic Times reported.
Financialexpress.com reached out to Flipkart, asking for a confirmation, but the company has not responded to queries at the time of publication. We will update the story if an update comes.
IPO plans in 2026
The Economic Times report indicated that the Bengaluru-based online retailer, which plans to file draft IPO papers in 2026, has also sought approval from the central government under the Press Note 3 rules because Chinese technology giant Tencent holds a 5–6% stake in the company, the report said. Since Flipkart is majority-owned by US-based Walmart, regulatory clearance is not expected to pose a major hurdle, according to people cited by ET. Approval from a Singapore court for the restructuring was received a few weeks ago.
Press Note 3, introduced in 2020, mandates government approval for any foreign investment from countries sharing a land border with India. Walmart acquired a 77% stake in Flipkart in 2018 for $16 billion. Other shareholders include Microsoft, Canada Pension Plan Investment Board, and SoftBank, ET reported.
Once the flip-back process is completed, Flipkart Internet Pvt Ltd, based in Bengaluru, will become the primary operating entity, housing all group businesses and subsidiaries, including fashion platform Myntra, logistics arm Ekart and others.
Flipkart’s board approved the re-domiciling process in April, ET said. In May 2024, the company closed a $1 billion funding round that included a $350 million investment from Alphabet’s Google, valuing Flipkart at around $35–36 billion.
Flipkart’s plan of action
Ahead of its IPO plans, Flipkart has also appointed former senior Meta executive Dan Neary to its board of directors. The proposed listing will mark the second public market offering from Walmart’s India portfolio after payments firm PhonePe, which filed draft IPO papers under Sebi’s confidential route in September for a $1.5-billion issue, according to ET.
Financials for Flipkart group entities showed a narrowing of losses as expenses were cut, although revenue growth remained muted amid a broader slowdown in online retail. Losses at Flipkart Internet, logistics arm Ekart and online travel portal Cleartrip declined between 2% and 36% year-on-year, while Myntra posted an almost 18-fold jump in profit during FY25.
Flipkart Internet reported revenue of Rs 20,493 crore in 2024–25, up 14% from the previous year, while net losses fell 37% to Rs 1,494 crore, ET reported.