IPO-bound Flipkart gains key approvals to relocate to India

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

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

Flipkart initiated the process successful India and Singapore simultaneously implicit 2 and a fractional months ago, pursuing the board’s approval for the relocation of its headquarters successful April, the radical said.

In 2022, Walmart-backed PhonePe, which had divided from Flipkart successful precocious 2022, relocated its headquarters from Singapore to India. The fintech steadfast filed confidential IPO papers with India’s marketplace regulator, the Securities and Exchange Board of India (SEBI), earlier this week. Recent reports suggest that PhonePe is aiming to rise ₹120 billion (approximately $1.35 billion) done the 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 acceptable to become the archetypal Indian startup to database domestically aft redomiciling from the U.S., with its IPO expected aboriginal this year.

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

Flipkart did not respond to requests for comments.