Flipkart Domicile Change & IPO Plans: What Investors Need to Know

In the technology and e-commerce space, Flipkart has cleared a major procedural hurdle toward its India IPO. The National Company Law Tribunal has approved the company’s move to shift its domicile from Singapore to India.

As a result, Bengaluru-based Flipkart Internet Private Limited will become the group’s primary entity, overseeing all operations and subsidiaries, including Myntra and Ekart. This structural shift is essential for listing on Indian stock exchanges.

The relocation aligns with Flipkart’s plan to file for an IPO in 2026. As part of the process, the company has also sought government approval under Press Note 3 regulations, which apply to foreign investments from countries sharing land borders with India. This requirement arises due to a small Chinese shareholding in Flipkart’s Singapore parent. However, with majority ownership held by Walmart, the approval process is not expected to pose significant challenges.

Financially, Flipkart’s trajectory shows improvement. In FY25, losses across Flipkart Internet, Ekart, and Cleartrip declined by between 2% and 36%, while Myntra’s profits rose by nearly 18%. Flipkart Internet reported revenue exceeding ₹20,000 crore, registering 14% year-on-year growth, while net losses narrowed by 37% to approximately ₹1,500 crore.

The company also raised $1 billion in funding last year, including a $350 million investment from Google, valuing the business at around $35–36 billion. This valuation offers a reference point for potential IPO expectations.

Flipkart’s listing would mark Walmart’s second major public offering in India, following PhonePe’s draft filing earlier this year. Ahead of the IPO, Flipkart has focused on balance sheet strengthening, operational consolidation, and cost control.

This is not merely a listing exercise—it represents a strategic reset. A domestic corporate structure, improved financial discipline, and long-term positioning are now converging as Flipkart prepares for its next phase of growth.

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