With eyes on IPO, Flipkart plans to move domicile from Singapore to India
By MYBRANDBOOK
Walmart-owned Flipkart is reportedly planning to move its domicile back from Singapore to India. The company, valued at $33 billion, may provide a significant tax gain for the Indian government. Moving domicile to India is linked to eventual IPO plans, as the ecommerce firm is considering listing in India and other geographies, including the US. It postponed an IPO plan in 2022-23 due to financial considerations and global macroeconomic uncertainty.
Flipkart Pvt Ltd is a holding company based in Singapore. The firm, currently valued at $33 billion, is intensifying its efforts to achieve profitability as it eyes a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned for 2025-2026 instead of this year.
The company counts Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market.
Flipkart may join an increasing number of startups planning to move their domiciles to the country. Many Indian startups domiciled abroad are considering reverse-flipping to India. These include companies engaged in areas such as fintech, e-commerce, stock broking, health care, and edtech.
Fintech startup Groww has formally moved its domicile back to India from the US through a reverse flip by its parent firm, chief executive officer Lalit Keshre said. Likewise, Walmart-backed PhonePe, another major fintech startup, moved its domicile from Singapore to India in October 2022.
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