## Homecoming: Flipkart Moves Headquarters Back to India Ahead of Anticipated IPO
In a strategic move signaling increased confidence in the Indian market, Walmart-owned e-commerce giant Flipkart is set to relocate its headquarters from Singapore back to India. The announcement comes as the company prepares to file for an Initial Public Offering (IPO) on Indian stock exchanges, a move that underscores the growing appeal of local listings for Indian startups.
Flipkart, a major player in the South Asian e-commerce landscape and a close competitor to Amazon, stated that the relocation “represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy.”
The company, which began its journey in Bengaluru in 2007, initially moved its headquarters to Singapore in 2011. This decision was driven by the desire to attract greater foreign investment, leverage tax advantages, and navigate the bureaucratic and political complexities prevalent in India at the time.
“As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation’s growing digital economy and entrepreneurship,” a Flipkart spokesperson stated.
While the relocation is subject to regulatory approvals and a specific timeline remains undisclosed, the move aligns with Flipkart’s anticipated IPO filing in India sometime next year.
Flipkart isn’t the first major Indian startup to reverse course and bring its headquarters back home. In 2022, PhonePe, which separated from Flipkart that same year, also shifted its base from Singapore to India. More recently, companies like Zepto and Groww have followed suit, driven by the increasing attractiveness of Indian stock exchanges for public listings.
This trend reflects a growing sentiment that India’s financial ecosystem is maturing and becoming more conducive to supporting homegrown companies.
However, India’s public market environment is currently undergoing some corrections and is impacted by global macroeconomic conditions, meaning that the timing of Flipkart’s IPO will be crucial. Despite this, investor optimism remains high, fueled by the significant growth potential within the Indian market. A recent Goldman Sachs report indicated that IPOs in India accounted for a significant portion of the record $70 billion equity deal volume last year.
Sudarshan Ramakrishnan, co-head of India investment banking at Goldman Sachs, noted that the supportive valuation environment has encouraged issuer activity, with several unicorns opting for Indian listings over U.S. markets.
Flipkart’s decision to relocate its headquarters comes almost a year after securing $350 million in funding from Google as part of a nearly $1 billion funding round that commenced in 2023. The startup’s valuation stood at $36 billion after its last investment. The shift back to India signifies a new chapter for Flipkart, reaffirming its commitment to the Indian market and positioning itself for continued growth and success within its domestic ecosystem.