Flipkart Redomiciles to India Ahead of Planned IPO
Walmart-owned Flipkart has completed its shift of domicile to India from Singapore, a move signaling its commitment to the Indian market and paving the way for a potential Initial Public Offering (IPO) before March 2027. The restructuring, approved by the Indian government and the National Company Law Tribunal (NCLT) in December 2025, establishes Flipkart Internet Private Limited as the holding entity of the Flipkart group.
Strategic Shift and IPO Plans
The redomiciliation, often referred to as a “reverse flip,” aligns Flipkart with local regulations and is expected to improve its valuation and demonstrate a long-term commitment to the Indian market. Dozens of Indian startups previously based abroad are returning to India due to favorable IPO prospects as reported by Reuters.
Flipkart’s Growth and Financial Performance
Flipkart, founded in 2007, has grown into a major e-commerce player in India, competing directly with Amazon. Walmart acquired a controlling stake in Flipkart in 2018 for $16 billion. The group, which includes Flipkart, Myntra, Flipkart Wholesale, Cleartrip and super.money, recorded a gross merchandise value (GMV) of $30 billion in the 2025 calendar year, serving over 500 million customers and 1.6 million sellers.
Despite revenue growth, Flipkart India reported a wider consolidated loss of Rs 5,189 crore (approximately $62.3 million USD based on March 9, 2026 exchange rates) in FY25, compared to Rs 4,248.3 crore (approximately $51.2 million USD) in the previous fiscal year. Consolidated revenue from operations increased by 17.3% to Rs 82,787.3 crore (approximately $9.9 billion USD) in FY25, although total expenses rose 17.4% to Rs 88,121.4 crore (approximately $10.6 billion USD) according to data from Tofler.
Leadership Changes and Investment
In preparation for the IPO, Flipkart has been strengthening its senior leadership team with recent appointments including Somnath Das as VP, Supply Chain; Digbijay Mishra as VP, Corporate Communications; Vipin Kapooria as VP, Business Finance; Yogita Shanbhag as VP, Human Resources; and Amer Hussain as VP, Supply Chain for its grocery and quick commerce businesses.
Alphabet’s Google acquired a $350 million minority stake in Flipkart in 2024, valuing the company at approximately $37 billion.
Workforce Adjustments
Flipkart recently trimmed its workforce by an estimated 250-300 employees following its annual performance review, even as it continues to hire at senior levels. The company stated it is supporting affected employees with transition assistance.
Walmart’s Commitment to India
Walmart views India as a significant market for e-commerce and is supporting Flipkart in accelerating its quick commerce investments and leveraging global supply chain expertise to expand its digital reach as stated by Walmart International President and CEO Kathryn McLay. Walmart is committed to a future where retail in India is a mix of shopping experiences that best serve Indian consumers, suppliers, producers, and retailers according to Walmart’s corporate website.