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Flipkart gets IPO ready with NCLT nod to flip back domicile to India
Walmart-owned ecommerce marketplace Flipkart has received clearance from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India, in a move that takes it closer to a much-anticipated public listing on the Indian exchanges, according to people in the know.
The Bengaluru-based online retail company, which is planning to file the draft papers for its initial public offering in 2026, has now sought approval from the central government under the Press Note 3 rules. “Chinese investor Tencent holds a 5–6% stake in Flipkart…which is why the ecommerce firm needs a nod from the government to bring its Singapore parent company under the fold of the Indian entity. However, since Flipkart is majority owned by its US parent, it is unlikely to be a major hurdle,” one of the persons said, adding that the nod from a Singapore court was received a few weeks ago.
Under the Press Note 3 rules, which were implemented in 2020, any foreign investment coming into a domestic company from a country that shares a land border with India needs to be cleared by the government. In May 2018, Walmart acquired a 77% stake in Flipkart for $16 billion. The etailer's other shareholders include Microsoft, Canada Pension Plan Investment Board and SoftBank.
Once the flipback process is completed, Bengaluru-based Flipkart Internet Pvt Ltd will become the primary entity, housing all operations and subsidiaries, including fashion e-tailer Myntra, logistics company Ekart, and others.
Flipkart did not respond to ET's queries at the time of publishing.
The company's board of directors had approved the re-domiciling process in April. In May 2024, ET had reported that Flipkart closed a $1 billion funding round, which included a $350 million investment from Alphabet's Google at a valuation of about $35-36 billion.
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Ahead of its IPO plans, Flipkart appointed former senior Meta executive Dan Neary to its board of directors.
Flipkart's IPO will mark the second public offering from Walmart's India stable after payments company PhonePe, which filed draft papers under Sebi's confidential route in September for a $1.5-billion issue.
Flipkart group entities have narrowed their losses as they cut back on expenses, although revenue growth has been muted amid a wider slowdown in online retail overall. Financial statements of Flipkart group entities showed losses for Flipkart Internet, in-house logistics arm Ekart, and online travel portal Cleartrip narrowed 2-36% on-year. Myntra, the Flipkart-owned fashion and beauty etailer, saw its profit jump almost 18-fold during FY25.
At Rs 20,493 crore, Flipkart Internet posted a 14% increase in revenue in 2024-25, while its net losses fell 37% to Rs 1,494 crore.
Flipkart's IPO will follow the listing of its younger ecommerce rival Meesho, which went public on December 10.
Also Read: Meesho listing unlocks billions in wealth for founders, early investors Elevation, Peak XV
Source: EconomicTimes
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