MUMBAI: Flipkart is gearing up to shift the domicile of its holding company from Singapore to India, joining a spate of Indian startups that have migrated back to the country or “reverse flipped” to align better with local norms and access the public markets where the threshold for getting listed, a goal that most companies aspire for, is easier compared to other global markets like the US.
Flipkart in which American retail major Walmart acquired a controlling stake in 2018 in a $16 billion deal had started as a small homegrown startup in 2007 selling books online.
“Flipkart, India’s homegrown e-commerce platform, proudly based and operating in India, has shared its intention to relocate its holding company from Singapore to India,” the Bengaluru headquartered company said in a statement late Monday night. The process will be completed after securing all the requisite approvals.
“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. We are excited by the opportunities ahead,” it said.