E-commerce major Flipkart has completed the process of relocating its holding entity from Singapore to India, more than a decade after moving its headquarters overseas, taking a key step towards its planned public listing in the country.

“Flipkart has received government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group. This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India,” the company said in an email response to queries from Fortune India.

“We are grateful to the government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company,” the statement read.

The Walmart-owned unveiled plans in April 2025 to shift its headquarters back to India, a move that was approved by a court in Singapore in September. By December, the company had secured approval from the National Company Law Tribunal (NCLT) for the transition, which was subject to clearance from the central government.

Redomicile clears path for listing

With the process now completed, the company can proceed with preparations for its initial public offering (IPO). Flipkart has reportedly begun discussions with merchant bankers as part of the early stages of the listing process. The company is expected to file its draft red herring prospectus later this year.

Launched in 2007 as an online bookstore, Flipkart has grown into one of India’s largest e-commerce platforms and a key rival to Amazon in the country. The company had shifted its headquarters from Bengaluru to Singapore in 2011, a move that was common among Indian technology startups seeking access to foreign investment opportunities, benefiting from tax efficiencies, and avoiding bureaucratic and regulatory hurdles in India.

Founded by Sachin Bansal and Binny Bansal, Flipkart has previously been backed by global investors such as Tencent, Tiger Global Management, and Microsoft. In May 2018, Walmart, 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 80.5% and is now preparing to take Flipkart public.

Last valued at around $37 billion in May 2024

It was last valued at around $37 billion in May 2024, when Google, part of Alphabet, invested $350 million in the company for a minority stake.

According to a source with direct knowledge of the plans, Flipkart is targeting a listing on domestic stock exchanges before March 2027. However, the company has yet to finalise the size of the offering or the valuation it will seek for the IPO.

Over the years, Flipkart has significantly expanded its scale and ecosystem, with its gross merchandise value reaching about $30 billion in 2025. The e-commerce platform now has a registered user base of over 500 million and offers more than 150 million products across 80+ categories through its marketplace. It also hosts over 1.4 million sellers, including those on its value-focused platform Shopsy.

The company’s portfolio spans multiple businesses, including fashion platform Myntra, B2B marketplace Flipkart Wholesale, and logistics arm Ekart. Its ecosystem also includes fintech offerings such as SuperMoney and digital healthcare platform Flipkart Health+, which was launched after the acquisition of SastaSundar in 2022.

In August 2024, Flipkart entered the quick commerce segment with Flipkart Minutes. The company also owns travel platform Cleartrip, which it acquired in 2021. In addition, Flipkart operates a $100 million venture investment arm, Flipkart Ventures, focused on supporting startups within its broader ecosystem.