Flipkart moves holding company to India ahead of IPO

The move supports the company’s planned stock market listing in India.

Walmart-owned e-commerce firm Flipkart has moved its holding company from Singapore to India, the company said via Reuters report.

Flipkart said it received approval from the Indian government for its internal restructuring and has completed its “redomiciliation” to India, calling it a “significant milestone.”

The company joins several Indian startups that previously based themselves abroad, often in hubs such as Singapore, for easier access to capital and lower taxes, but are now returning to India amid stronger prospects for domestic initial public offerings (IPOs).

Walmart acquired a controlling stake in Flipkart in 2018 for $16b.