Walmart-owned e-commerce marketplace Flipkart has received approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India, a move that brings the company closer to a long-anticipated public listing on Indian stock exchanges, according to people familiar with the matter.
The Bengaluru-based online retailer, which is preparing to file draft papers for its initial public offering in 2026, has now sought approval from the central government under the Press Note 3 foreign investment rules. Sources said the requirement stems from the presence of Chinese investor Tencent, which holds an estimated 5–6% stake in Flipkart. As a result, government clearance is needed to bring Flipkart’s Singapore parent under the Indian entity. However, they added that the process is not expected to face major hurdles as Flipkart is majority owned by a US-based parent. Approval from a Singapore court was received a few weeks ago.
Under Press Note 3 rules, introduced in 2020, any foreign investment from countries sharing a land border with India requires prior government approval. Walmart acquired a 77% stake in Flipkart in May 2018 in a US $ 16 billion deal. Other shareholders include Microsoft, Canada Pension Plan Investment Board and SoftBank.
Once the re-domiciling, or ‘flip back’, process is completed, Flipkart Internet Pvt Ltd will become the primary operating entity in India, housing all key businesses and subsidiaries, including fashion platform Myntra, logistics arm Ekart and other group companies. The company’s board had approved the re-domiciling plan in April.
In May 2024, Flipkart closed a US $ 1 billion funding round, which included a US $ 350 million investment from Alphabet’s Google, valuing the company at approximately US $ 35–36 billion.
As part of its IPO preparations, Flipkart has appointed former senior Meta executive Dan Neary to its board of directors. The proposed listing would mark the second public offering from Walmart’s India portfolio, following payments firm PhonePe, which filed draft papers under the Securities and Exchange Board of India’s confidential route in September for a US $ 1.5 billion issue.
Financially, Flipkart group entities have narrowed losses amid cost-cutting measures, although revenue growth has moderated in line with a broader slowdown in online retail. Financial statements showed that losses at Flipkart Internet, Ekart and online travel platform Cleartrip narrowed by between 2% and 36% year on year. Myntra, meanwhile, reported an almost 18-fold jump in profit during FY ’25.
Flipkart Internet posted revenue of Rs. 20,493 crore (US $ 2.26 billion) in FY ’25, a 14% increase year on year, while net losses declined 37% to Rs. 1,494 crore (US $ 164 million). Flipkart’s IPO is expected to follow the listing of rival e-commerce platform Meesho, which went public on 10th December.
