Walmart-backed Flipkart is reportedly preparing for a massive initial public offering (IPO) in India as early as next year, targeting a valuation between $60 billion and $70 billion. If successful, the listing would become the largest ever by a consumer technology company in Indian stock market history.
The Bengaluru-headquartered e-commerce major is undertaking strategic steps to facilitate this listing, including relocating its holding company from Singapore to India—a move commonly referred to as “reverse flipping”.
Flipkart’s board has already approved the decision to shift its holding company to India, and the redomiciling process is expected to be completed within the next 12 to 15 months. The move is intended to smooth the path for a domestic listing, aligning the company’s corporate structure with its operational reality—most of its assets, employees, and customer base are already rooted in India.
An executive close to the development highlighted that investors, including Walmart, will also transition to the Indian entity during this shift, further consolidating Flipkart’s base in its home market.
Read More: When Can Investors Expect Flipkart IPO?.
According to a report, being domiciled in India may help Flipkart sidestep regulatory challenges that foreign-held entities typically face when listing on Indian bourses. It also creates a more transparent and locally governed corporate structure, which could be viewed positively by retail and institutional investors alike.
Flipkart’s relocation also comes at a time when India’s market regulator SEBI has shown an increasingly favourable stance towards homegrown tech companies going public. By positioning itself as an Indian success story, Flipkart may not only appeal to domestic investors but also benefit from regulatory goodwill.
The proximity to regulators, domestic capital markets, and Indian retail investors is expected to play a crucial role in supporting its high valuation target.
Flipkart is currently engaged in a fierce battle with other major players in the Indian e-commerce space, including Amazon, Reliance’s JioMart, and the Tata Group. According to a Ficci-Deloitte report, India’s e-commerce market is projected to grow to $325 billion by 2030, fuelled by a 21 per cent compound annual growth rate (CAGR).
A successful IPO could give Flipkart the firepower to further consolidate its market position amidst this high-growth landscape.
Flipkart is not alone in its redomiciling efforts. A growing number of Indian-origin startups that had previously shifted their base abroad are now returning to Indian soil in a trend dubbed “reverse flipping”. This trend is expected to gather further momentum as domestic capital markets mature and regulatory conditions improve.
More than 20 startups are preparing for IPOs in 2025, including notable names like Bluestone, Zepto, Boat, and others.
Flipkart’s redomiciling marks a significant milestone in its IPO journey and reflects broader trends in India’s startup and tech ecosystem. If the listing goes ahead as planned in 2025, it could redefine benchmarks for consumer tech IPOs in the country and potentially set the tone for other high-growth Indian companies to follow suit.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 25, 2025, 3:22 PM IST
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