Walmart-backed Flipkart is relocating its headquarters back to India from Singapore as the e-commerce giant prepares to file for an initial public offering (IPO).

“This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. We are inspired by the Government of India’s strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey,” Flipkart spokesperson said on Monday.

“This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India,” the spokesperson added.

The move, which is subject to regulatory approvals, came at a time when Flipkart is reportedly looking to file for an IPO in India sometime next year.

Flipkart had shifted its headquarters from Bengaluru to Singapore in 2011 to tap into greater foreign investment opportunities, benefit from tax efficiencies, and avoid bureaucratic and regulatory hurdles in India.

According to a TechCrunch report, Flipkart said the relocation aligns with the company’s Indian origins and will strengthen its ability to serve customers, sellers, partners, and communities more effectively, while supporting the country’s expanding digital economy and startup ecosystem.

Founded in 2007 by Sachin and Binny Bansal, Flipkart has previously been backed by global investors such as Tencent, Tiger Global, and Microsoft. In May 2018, Walmart Inc., the world’s largest retailer, made history by acquiring a 77% stake in Flipkart for $16 billion—the largest deal ever in global e-commerce. By December 2023, Walmart had raised its stake to 81% and is now preparing to take Flipkart public.

Over the years, Flipkart has expanded significantly. It now includes fashion platform Myntra, B2B marketplace Flipkart Wholesale, logistics arm Ekart, value-driven platform Shopsy, fintech offerings like SuperMoney, and Flipkart Health+, a digital healthcare venture launched after acquiring SastaSundar.com in 2022. It entered quick commerce in August 2024 with Flipkart Minutes and owns Cleartrip, the travel and leisure platform it acquired in 2021. Flipkart also runs a $100 million venture fund, Flipkart Ventures, supporting startups in the ecosystem.

The company’s seller base has grown to over 1.4 million, primarily small businesses. Walmart has consistently supported the company post-acquisition, leading a $3.6 billion funding round in 2021 that valued Flipkart at $37.6 billion. In 2023, Walmart invested nearly $3.5 billion to acquire stakes from early investors including Binny Bansal, Tiger Global, and Accel. The most recent development comes after Flipkart secured $1 billion in a multi-tranche funding round launched in 2023, which included a $350 million investment from Alphabet. The company was reportedly valued at $36 billion during this round.

Flipkart’s decision to shift its headquarters from Singapore to India reflects a growing trend among Indian startups repositioning themselves for local IPOs. Companies like PhonePe, Zepto, and Groww have also moved their base to India in recent months, aligning with their plans to go public.