Flipkart to relocate HQ to India ahead of IPO

Flipkart, the Walmart-owned Indian e-commerce startup that is closely fought with Amazon in the South Asian market, as its headquarters preparing to return to India from Singapore to India Ready to file for an IPO On the Indian Stock Exchange.

On Monday, Flipkart said that this step “represents a natural evolution, with our main operations, with the huge potential of the Indian economy.”

The e-commerce giant, which began its operation in Bengaluru in 2007, transferred to Singapore to attract more foreign investment in Singapore, benefit from tax benefits and bureaucratic barriers and political challenges in India to better navigate.

A spokesman for Flipkart said in a statement, “As a company born and reared in India, this transformation will further enhance our focus and promotion to our customers, vendors, partners and communities to continue the country’s growing digital economy and entrepreneurs.”

Subject to the required approval of the transfer, the startup said without releasing any specified timeline. However, Flipkart is expected to file an IPO in the country some time next year.

In 2022, Walmart-supported phonepay, which is divided from Flipkart at the end of 2022, Its headquarters has been removed From Singapore to India. Several more startups, including Jepo And GrowwTheir headquarters have been transferred to India in the past few months as they sought public list on the Indian Stock Exchange.

However, the current public market of India is the environment Not as interesting as it was at the end of last yearSince the market is modifying something and is affected by macro conditions. IPOs made about $ 19 billion in the amount of $ 70 billion equity contract in India last year, $ 1100 million per IPO is over $ 500 million per one per one Report By the Goldman Shutch.

Nevertheless, investors are optimistic about the possibility of growth in the Indian market, as several companies are waiting for the public this year and later.

“Acceptable evaluation encouraged environmental issues. Many unicorn who was thinking of approaching the United States had gone to India because they felt that India supported better evaluation,” Goldman Shutch’s India’s co-chief Ramakrishnan said.

The latest step in Flipkart comes in about a year too Collect 50 350 million from Google As part of the funds of about $ 1 billion in funding, which started in 2023