Flipkart Shifts Domicile from Singapore to India
E-commerce marketplace Flipkart has reportedly secured its board’s approval to move its domicile from Singapore back to India. As a subsidiary of Walmart, Flipkart will be part of a growing list of firms that have either completed or are currently in the process of relocating to India.
According to a report by ET, the decision to return its domicile to India was sanctioned by Flipkart’s board during a meeting conducted last week in Singapore. Although Flipkart has not publicly commented on the board’s approval, it has expressed its intent to shift its holding company from Singapore to India.
“This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth,” stated a spokesperson for Flipkart. “We are motivated by the Government of India’s robust vision and proactive initiatives, which cultivate a dynamic business environment and simplify operations, shaping our journey significantly. This transition signifies a natural progression, aligning our holding structure with our fundamental operations, the immense potential of the Indian economy, and our ability to leverage technology and innovation to promote digital transformation in India.”
The spokesperson further commented, “As a company rooted in India, this change will enhance our focus and agility in addressing the needs of our customers, sellers, partners, and communities while contributing to India’s expanding digital economy and fostering entrepreneurship.”
Additionally, the board of Flipkart Internet (India) has passed a resolution to capitalise its securities premium up to Rs 26,552 crore for the distribution of bonus shares to Flipkart (Singapore), Flipkart (Marketplace), and Quickroutes International, as stated in a regulatory filing obtained from the Registrar of Companies (RoC).
Since May 2023, Flipkart has been preparing for this transition of its holding company back to India. The company is anticipated to launch its IPO by late 2025 or early 2026.
Last valued at $33 billion after raising $600 million from existing investors in December 2023, Flipkart previously secured $3.6 billion led by SoftBank in July 2021, at a valuation of $37.6 billion, which was later adjusted to $33 billion following its separation from PhonePe.
Various companies, including PhonePe, Zepto, Dream11, and Groww, have successfully completed their domicile shifts back to India. Furthermore, numerous other firms, such as Meesho, Razorpay, Pine Labs, Eruditus, Livspace, Mensa, and KreditBee, are waiting for final clearances to execute their transitions.