IPO-bound Flipkart shifts domicile to India

IPO-bound Flipkart has shifted its domicile to India, having secured government nod for an internal restructuring that now makes Flipkart Internet the holding entity of the Group.

The Walmart-backed e-commerce giant said it looks forward to the next phase of growth as a fully Indian-domiciled company.

“Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group,” it said.

This effectively completes the redomiciliation of the Flipkart group to India, ahead of a planned Initial Public Offering (IPO). The company termed the development a significant milestone that reflects its deep and long-term commitment to India.

“We are grateful to the Government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company,” a Flipkart statement said.

Companies pursue reverse flip before IPO to shift their parent entity back to India, aligning with local regulations, improving valuation, and signalling long-term commitment to the domestic market. According to sources, Flipkart Group clocked USD 30 billion in gross merchandise value (GMV) in the 2025 calendar year, supported by over 500 million customers and 1.6 million sellers.Sources said last week that Flipkart trimmed its workforce by 250-300 employees following its annual performance review. The job cuts, which span multiple departments and employee levels, came even as the company continued senior-level hiring ahead of its planned IPO.

“Flipkart conducts regular performance reviews aligned with clearly defined expectations. As part of this process, a small percentage of employees may transition from the organisation. We are supporting affected employees with transition support,” Flipkart said in a statement on Friday, but did not divulge the number of employees impacted in that exercise.

Sources had, however, pegged the number between 250 and 300.

In December 2025, the company received a nod from the National Company Law Tribunal (NCLT) to shift its legal domicile from Singapore to India. The restructuring aims at simplifying the group’s holding structure — its businesses across fashion, health, and logistics — and involved the merger of eight Singapore-based entities into Flipkart Internet Pvt Ltd to align with Indian regulatory requirements.

Over the past months, Flipkart has been strengthening its senior leadership bench, making several key appointments. These include the appointment of Somnath Das as VP, Supply Chain, Digbijay Mishra as VP, Corporate Communications, Vipin Kapooria as VP, Business Finance, Yogita Shanbhag as VP, Human Resources, and Amer Hussain as VP, Supply Chain, for its grocery and minutes (quick commerce) businesses.

Flipkart India had reported a wider consolidated loss of Rs 5,189 crore in FY25, compared to Rs 4,248.3 crore in the preceding financial year, according to data from business intelligence platform Tofler.

The company, however, recorded a 17.3 per cent increase in consolidated revenue from operations at Rs 82,787.3 crore in FY25, from Rs 70,541.9 crore in FY24. Total expenses for the fiscal year rose 17.4 per cent to Rs 88,121.4 crore, driven primarily by stock-in-trade purchases, which reached Rs 87,737.8 crore, compared to Rs 74,271.2 crore a year ago.

Flipkart Group companies include Flipkart, Myntra, Flipkart Wholesale, Cleartrip, and super.money.