Flipkart, the Walmart-backed Indian e-commerce leader competing fiercely with Amazon in South Asia, is set to relocate its headquarters from Singapore back to India as it gears up for a domestic stock market listing.
On Monday, Flipkart described the decision as ”a strategic shift that better aligns our corporate structure with our core business and India’s thriving economic landscape.”
Founded in 2007 in Bengaluru, the e-commerce giant relocated its headquarters to Singapore in 2011 to access foreign investment more easily, take advantage of favorable tax policies, and circumvent bureaucratic and political obstacles in India.
As a company deeply rooted in India, this move will strengthen our ability to serve customers, sellers, partners, and communities with greater focus and flexibility, while continuing to support India’s expanding digital economy and entrepreneurial ecosystem,” a Flipkart spokesperson said in a statement.
The startup stated that the relocation depends on obtaining necessary approvals but did not provide a specific timeline. Meanwhile, Flipkart is anticipated to file for an initial public offering (IPO) in India next year.
This follows a similar move by Walmart-backed PhonePe, which separated from Flipkart in late 2022 and shifted its headquarters from Singapore to India. Other startups, such as Zepto and Groww, have also relocated their bases to India in recent months as they prepare for public listings on Indian stock exchanges.
The latest move by Flipkart also comes almost a year after raising $350 million from Google as part of a nearly $1 billion funding round, which it kicked off in 2023. The startup was valued at $36 billion in the last investment.
Source : TechCrunch