On Tuesday, Flipkart announced plans to relocate its holding company from Singapore to India, a move that aligns with its parent company, Walmart’s, strategy to take the 17-year-old e-commerce giant public.
Numerous Indian startups that initially opted for overseas bases, primarily for enhanced access to investment and lower taxes, are now reconsidering their positions. This trend is evident as many firms, previously headquartered in financial hubs like Singapore and the US, are choosing to return to India, motivated by more favorable prospects for initial public offerings (IPOs) in a market that prohibits dual listings.
Flipkart emphasized in a statement that this transition is a “natural evolution, aligning our holding structure with our core operations.”
Founded in 2007 with a focus on selling books online, Flipkart has since transformed into a formidable competitor to Amazon in India. The company made the decision to move its holding company to Singapore in 2011.
Walmart acquired a controlling interest in Flipkart in 2018, which also included ownership of PhonePe, a digital payments platform originally integrated with Flipkart.
In 2022, PhonePe established its independence from Flipkart and transitioned its headquarters back to India from Singapore. This decision incurred Walmart a tax liability of nearly $1 billion (approximately Rs. 8,509 crore).
Walmart has expressed intentions to list both Flipkart and PhonePe in India over the coming years. Dan Bartlett, Walmart’s executive vice president for corporate affairs, shared this plan with Reuters last year.
Preparations for a public offering on India’s stock exchanges are already underway for PhonePe.
Other startups, including Razorpay, Pine Labs, Zepto, and InMobi, have either completed their relocation back to India or are in the process of doing so, reflecting a broader trend among tech firms.
© Thomson Reuters 2025
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