IPO-bound Flipkart good points key approvals to relocate to India | TechCrunch

Flipkart is within the superior levels of securing regulatory approvals to shift its headquarters from Singapore to India, with the transition focused for later this yr, TechCrunch has discovered, because the Walmart-owned e-commerce big prepares for an Indian IPO subsequent yr.

The redomiciling course of has acquired in-principle approvals from a Singapore court docket, whereas a number of hearings have already taken place at India’s Nationwide Firm Regulation Appellate Tribunal (NCLAT), folks aware of the matter informed TechCrunch. Flipkart is working towards finishing the transition throughout the subsequent couple of months, aligning with India’s festive season — a important gross sales interval — and laying the groundwork for a public itemizing anticipated as early as 2026.

Flipkart initiated the method in India and Singapore concurrently over two and a half months in the past, following the board’s approval for the relocation of its headquarters in April, the folks stated.

In 2022, Walmart-backed PhonePe, which had cut up from Flipkart in late 2022, relocated its headquarters from Singapore to India. The fintech agency filed confidential IPO papers with India’s market regulator, the Securities and Alternate Board of India (SEBI), earlier this week. Latest studies counsel that PhonePe is aiming to boost ₹120 billion (roughly $1.35 billion) by way of the providing.

Startups together with Zepto and Groww have additionally relocated their headquarters to India in current months as they put together to go public on Indian inventory exchanges. Notably, Groww is about to develop into the primary Indian startup to checklist domestically after redomiciling from the U.S., with its IPO anticipated later this yr.

Flipkart’s shift from its Singapore headquarters comes over a yr after it raised $350 million from Google as a part of an almost $1 billion funding spherical that started in 2023. The corporate was valued at $36 billion in its most up-to-date funding, making it essentially the most beneficial startup to undertake a redomiciling course of.

Flipkart didn’t reply to requests for feedback.