Flipkart, the Walmart-owned e-commerce powerhouse, is moving its headquarters back to India from Singapore as it gears up to go public on Indian stock exchanges next year.
In a statement on Monday, the company said the decision “represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy.”
Founded in Bengaluru in 2007, Flipkart shifted its base to Singapore in 2011 to attract foreign capital, leverage tax advantages, and navigate the regulatory landscape. Now, as India’s digital economy matures and investor interest in homegrown tech firms grows, Flipkart says it’s time to return.
“As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation’s growing digital economy and entrepreneurship,” a company spokesperson said.
The move, which is subject to regulatory approvals, mirrors a growing trend among Indian startups. In recent months, firms like Zepto, Groww, and PhonePe, which separated from Flipkart in 2022, have all relocated their headquarters to India, seeking to capitalise on favourable valuations and prepare for local IPOs.
Despite recent market corrections and macroeconomic headwinds, optimism around India’s capital markets remains high. According to Goldman Sachs, IPOs accounted for $19 billion of India’s record $70 billion equity deal volume in 2023, with 11 offerings priced above $500 million.
Flipkart’s move also follows a $350 million investment from Google last year, part of a broader $1 billion round that valued the company at $36 billion.
