Flipkart Gets Singapore Court's Nod To Reverse Flip To India

IPO-bound ecommerce major Flipkart has reportedly received in-principle approval from a Singapore court to reverse flip back to India.

Sources told TechCrunch that the company is in advanced stages of securing regulatory approvals to shift its headquarters from Singapore to India, adding that the redomiciling process could likely be completed in the next “couple of months”.

As per the report, the National Company Law Appellate Tribunal (NCLAT) has also conducted multiple hearings in connection with Flipkart’s reverse flip petition. The tribunal’s speedy approval will be critical as Flipkart is reportedly eyeing a public listing as early as 2026.

A Flipkart spokesperson declined to comment on Inc42’s queries on the matter.

People familiar with the development reportedly said that the ecommerce giant initiated its redomiciling process, both in India and Singapore, two and a half months ago. This followed the company’s board approving a proposal in April this year to reverse flip back to the country.

Prior to this, the company’s marketplace arm, Flipkart Internet Private Limited, also began its capital restructuring exercise. Besides, the company recently also restructured its board and the leadership, cut corners and streamlined subsidiaries that are still making losses.

Approvals aside, the ecommerce juggernaut faces a long road to its IPO and could be staring at a hefty tax bill. For context, Walmart-owned PhonePe had to cough up $1 Bn in taxes to shift its domicile back to the country. For Flipkart, which is one of the most valued startups in the country and was last pegged at $36 Bn, the tax outgo could likely be much higher.

In addition, the ecommerce major continues to be a loss-making entity. This is especially important as the market’s confidence continues to be linked to profitability, where Flipkart has a big gap to close.

For context, Flipkart Internet, its B2C arm, clocked an operating revenue of INR 20,493 Cr in FY25, up 14.4% compared to INR 17,907 Cr in FY24. Meanwhile, the company managed to reduce its cash burn and net losses declined 37% to INR 1,494 Cr in the fiscal under review compared to INR 2,359 Cr in the year ago period.

The Startup IPO Spring

Flipkart is lining up plans to list on the exchanges at a time when a host of big-ticket Indian startups are making a beeline for Dalal Street.

Fintech major PhonePe, which split from the ecommerce major and reverse flipped to India in 2022, recently filed its DRHP with SEBI via the confidential route for an IPO in the range of $1.2 Bn to $1.5 Bn at a valuation of $12 Bn to $15 Bn.

Other players like quick commerce giant Zepto and investment tech unicorn Groww, too, have relocated to India in the past year to list on local bourses. While Zepto has delayed its IPO plans to focus on profitability, Groww has already received markets regulator SEBI’s nod for an INR 7,000 Cr listing.

So far this year, seven startups have listed on the exchanges and multiple other new-age tech companies are in various stages of their IPO.

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