Flipkart To Shift Holding Company From Singapore To India Ahead Of Planned IPO
Walmart-owned e-commerce giant Flipkart on Monday said it intends to relocate its holding company from Singapore to India, ahead of a potential initial public offering by the company.
“This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India," a Flipkart spokesperson said.
“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 and reaffirm our long-term confidence in India's future," they added.
The move is subject to requisite regulatory approvals.
US retail giant Walmart had earlier said that Flipkart's IPO remains its "long-term ambition" after it bought out Tiger Global's stake. Walmart Inc. paid $1.4 billion to buy Tiger Global Management's remaining stake in Flipkart. The IPO remains "our long-term ambition, and it will come at the right time", a spokesperson had told NDTV Profit earlier.
It had also appointed former SoftBank managing partner Lydia Jett to its board as it strengthens governance and prepares for an initial public offering.
It has now joined the likes of Pine Labs, Zepto and Razorpay that have 'reverse flipped' to India, a process where an Indian company shifts its legal domicile and headquarters back to India after having initially moved them overseas, often for taxation or regulatory benefits.
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