Flipkart Prepares Shift to India as IPO Momentum Builds and Global Trend Favors Local Markets

Flipkart is moving closer to relocating its headquarters from Singapore to India, a decision that signals both its readiness for a long-anticipated domestic listing and the growing appeal of India’s markets to global and local firms alike.

The Walmart-owned e-commerce giant is expected to complete the redomiciling process later this year, setting the stage for an IPO as early as 2026.

People familiar with the matter told TechCrunch that Flipkart has already secured in-principle approval from a Singapore court, while India’s National Company Law Appellate Tribunal (NCLAT) has held multiple hearings. The company aims to finalize the transition within the next couple of months, a timeline designed to align with India’s crucial festive shopping season.

The shift reflects a broader change underway in India’s corporate landscape. With a fast-expanding retail investor base and one of the world’s strongest IPO pipelines, India’s public markets have become increasingly attractive compared to overseas options. The country’s sustained economic growth, coupled with surging consumer demand, has already lured global giants like Apple and Google to ramp up investments, while making domestic listings more enticing for homegrown startups.

Flipkart initiated the redomiciling process in both India and Singapore over two and a half months ago, following a board approval in April. The move mirrors a trend among Indian tech firms to anchor themselves domestically ahead of going public.

In 2022, PhonePe, which split from Flipkart later that year, moved its base from Singapore to India. The payments company has now filed confidential IPO papers with India’s market regulator, the Securities and Exchange Board of India (SEBI), targeting a raise of $1.35 billion. Quick-commerce startup Zepto and investment platform Groww have also recently shifted their headquarters to India. Groww is set to become the first to list domestically after redomiciling from the U.S., with its IPO expected later this year.

Flipkart’s relocation comes just over a year after raising $350 million from Google as part of a nearly $1 billion funding round, which valued it at $36 billion. That makes Flipkart the most valuable Indian startup to attempt a redomiciling process.

The move also places India in line with global policy shifts. In China, regulators have tightened rules to encourage major companies to list locally rather than in the U.S. or Hong Kong, a push that has seen Beijing crack down on overseas IPOs. Southeast Asia is witnessing similar dynamics, with governments encouraging domestic capital markets as investor appetite grows.

Flipkart is understood to be positioning itself to capture the momentum of India’s surging markets by bringing its headquarters home, while satisfying regulatory requirements for a local float. The move underscores how India is no longer just a growth market for multinational giants such as Apple and Google but also a maturing capital hub where its biggest startups now see their future listings.

If successful, Flipkart’s IPO could rank among the country’s most high-profile market debuts, reflecting not only the evolution of India’s e-commerce sector but also the global rebalancing of capital flows toward fast-growing domestic markets.