Flipkart has secured go ahead from the National Company Law Tribunal (NCLT) to shift its domicile to India from Singapore, taking the Walmart-controlled firm a step closer to IPO, said people aware of the matter. The development marks a key milestone in Flipkart’s long-anticipated plans to list on Indian stock exchanges, as the e-commerce major aligns its corporate structure more closely with its primary market.
The approval follows Flipkart’s decision earlier this year to initiate the process of redomiciling to India. In April this year, the company had started the process of shifting its base to India, joining a clutch of new age companies that flipped back to the country to align better with local norms and list in domestic bourses amid a booming primary market. The move reflects a broader trend among Indian consumer-facing technology companies that are opting to list at home rather than overseas.
Flipkart’s return to India comes at a time when domestic capital markets have seen strong investor appetite for new-age and digital-first businesses. For brands that cater to Indian consumers and are well-known locally, it makes sense to go for an IPO here. Industry observers note that an Indian domicile can simplify regulatory compliance, improve governance alignment, and potentially enhance investor familiarity and valuation outcomes.
The Walmart-controlled firm is expected to follow the path taken by PhonePe, another Walmart-backed entity that has already shifted its domicile to India and is preparing for a domestic public listing. Flipkart, the second company from Walmart’s India stable to prepare for an Indian listing after PhonePe, is eyeing an IPO in 2026. While Flipkart did not respond to queries on the matter, people familiar with the development say internal preparations for the listing have been gathering pace.
Founded in 2007, Flipkart has grown into one of India’s largest e-commerce platforms, with strong positions in categories such as electronics, fashion, and groceries, along with a deep logistics and supply chain network. An Indian listing would mark a full-circle moment for the company, which started as a homegrown startup before shifting its domicile overseas during its growth phase.
With NCLT approval now in place, Flipkart is expected to focus on completing the remaining legal and operational steps required for redomiciling, while simultaneously strengthening its financial and governance frameworks ahead of a potential IPO. The move signals growing confidence in India’s public markets as a destination for large-scale technology listings.
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