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Flipkart , theWalmart - ownedIndian e - commerce startup that nearly fights Amazon in the South Asian marketplace , is preparing to shift its headquarters back to India from Singapore as the companyprepares to file for an IPOon Indian stock substitution .
On Monday , Flipkart said the move “ represent a natural phylogenesis , aligning our declare social structure with our Congress of Racial Equality operations , the Brobdingnagian potential of the Amerind economy . ”
The e - commerce giant , which start its operations in 2007 in Bengaluru , moved its headquarters to Singapore in 2011 to attract more foreign investments , benefit from tax advantages , and well pilot bureaucratic hurdles and political challenge in India .
“ As a fellowship born and nurtured in India , this passage will further enhance our focus and lightness in serving our client , seller , better half , and community of interests to keep contribute to the Carry Nation ’s grow digital economy and entrepreneurship , ” a Flipkart representative said in a program line .
The move is dependent to requisite approvals , the inauguration said , without disclosing a specific timeline . However , Flipkart is expected to file for an initial public offering in the country sometime next year .
In 2022 , Walmart - backed PhonePe , which carve up from Flipkart in late 2022,moved its headquartersto India from Singapore . Several other startups , includingZeptoandGroww , have also relocated their headquarters to India in the last few months as they attempt public listings on the Native American stock exchanges .
However , India ’s current public market surroundings isnot as appealing as it had been up until late last year , as the market is going through some correction and is impacted by macro condition . IPOs made up around $ 19 billion of the record $ 70 billion equity deal volume make in India last year , with 11 initial public offering price at above $ 500 million , per areportby Goldman Sachs .
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still , investor are optimistic about the increment potential in the Amerindic market , as several company are wait to go public this year and next .
“ The supportive valuation environment has goad issuer activeness . A lot of the unicorns who were thinking of going public in the U.S. switched to India because they feel India back a better valuation , ” said Sudarshan Ramakrishnan , Colorado - head of India investment banking at Goldman Sachs .
The latest move by Flipkart also make out almost a year afterraising $ 350 million from Googleas part of a nearly $ 1 billion financial backing one shot , which it kicked off in 2023 . The inauguration was valued at $ 36 billion in the last investment .
