Flipkart is now returning home. The Indian e-commerce company, majority-owned by Walmart, has announced plans to move its headquarters back to India from Singapore. This decision seems to be part of the company’s preparation for an initial public offering (IPO) on Indian stock exchanges, which is expected within the next year.
Flipkart, which was founded in Bengaluru in 2007, was initially a modest online bookstore that eventually transformed into one of India’s leading e-commerce platforms. It had initially moved its headquarters to Singapore in 2011. This decision was driven by several factors, including the desire to attract more foreign investments and capitalize on favorable tax conditions. At that time, India’s bureaucratic hurdles and political challenges presented major challenges for startups, which prompted the shift. Now, the company is returning to its roots.
For its part, Flipkart explained that its decision to relocate its headquarters back to India represents a “natural evolution.” Flipkart has long been an integral part of India’s e-commerce landscape, and according to a spokesperson for the company, “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.”
The move to India is closely tied to Flipkart’s plans for an IPO on Indian stock exchanges. According to media reports, the e-commerce firm is expected to file for an IPO within the next 12 to 15 months, and it seems that the Walmart-backed startup aims to capitalize on the opportunities offered by the Indian market and to access the local public markets for its listing. It also comes at a time when several other startups, including Zepto and Groww, have recently moved their headquarters to India from other areas.
This shift comes at a time when India’s IPO market has seen some cooling off. After a record-breaking $70 billion in equity deals in 2024, which included approximately $19 billion in IPO activity, the market has entered a period of correction. Still, India remains an attractive destination for startups looking to go public, though it’s cooled off a bit, and according to Goldman Sachs, 11 IPOs in India were priced above $500 million last year. It is likely that Flipkart’s decision will further boost confidence in India’s capital markets. As one of the largest e-commerce players in the country, its public listing on Indian stock exchanges could become a landmark IPO, encouraging more homegrown and global tech companies to consider Indian bourses over foreign ones for raising capital.
In fact, Sudarshan Ramakrishnan, co-head of India investment banking at Goldman Sachs, noted that many companies that were initially considering listing in the US have instead opted to list in India, where they believe they will receive a more favorable valuation. “The supportive valuation environment has driven issuers’ activity in India. A lot of the unicorns who were thinking of going public in the U.S. switched to India because they felt India supported a better valuation,” Ramakrishnan said.
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