What is a reverse flip or redomiciliation?

A reverse flip is when a company that operated through an offshore holding entity moves its holding structure back to its home country. For Flipkart, this means Flipkart Internet Private Limited in India has now become the group's parent entity, replacing the Singapore holding company.

When is Flipkart's IPO expected?

Based on multiple reports including Bloomberg, Flipkart's IPO is expected between late 2026 and early 2027. Bloomberg reported in early 2025 that Flipkart had engaged banks for the process. The reverse flip was itself a prerequisite for the Indian listing.

Walmart holds a 77% majority stake in Flipkart, acquired in 2018 for $16 billion. Co-founders Sachin Bansal and Binny Bansal have long since exited. PhonePe was spun off separately and is now valued independently.

Is Flipkart profitable?

Not yet. Flipkart's revenue from operations grew 17% to ₹82,787.3 crore in FY25, but the company reported a net loss of ₹5,189 crore. Losses have narrowed year-on-year as the business scales, but it remains unprofitable.

Will retail investors be able to invest in the Flipkart IPO?

Yes — if Flipkart lists on Indian stock exchanges, retail investors can apply through the standard IPO process including the UPI-based mechanism. The offering is expected to include both fresh shares and a secondary sale by existing investors including Walmart.

Why are Indian startups moving their holding companies back to India?

India's capital markets have matured significantly. Companies like Groww, Zepto, and now Flipkart have all completed reverse flips — moving their holding structures from Singapore or the Cayman Islands back to India. The main reasons: a listed Indian company is easier for domestic institutional and retail investors to own, SEBI and RBI regulations are clearer for India-domiciled entities, and India's growing IPO market means being incorporated here is no longer a disadvantage. For founders and early investors, it also simplifies the path to liquidity.

Flipkart IPO: Why It Moved Its HQ Back to India in 2026

Flipkart IPO: Why Flipkart Moved Its Headquarters Back to India Ahead of Its Public Listing

Flipkart has completed its reverse flip from Singapore to India, and its IPO could come as early as late 2026. Here's what the numbers say and what it means for investors.

Team Sahi

Published: 12 Mar 2026, 12:00 AM IST (1 week ago)

Last Updated: 12 Mar 2026, 12:43 AM IST (1 week ago)

5 min read

Flipkart is preparing for one of the most closely watched listings in India. As part of that preparation, the Walmart-backed e-commerce company has shifted its headquarters from Singapore back to India, completing a major corporate restructuring that could pave the way for the Flipkart IPO.

The move marks a significant change in the company's corporate structure. For more than a decade, Flipkart operated through a Singapore-based holding entity even though most of its operations, customers, and sellers were in India. With the redomiciliation now completed, Flipkart Internet Private Limited has become the holding entity of the Flipkart group, officially relocating the company's headquarters to India.

This restructuring is closely linked to the company's plan to eventually go public in the Indian stock market.

Flipkart's IPO Plans Are Gradually Taking Shape

According to multiple reports, the company is expected to invite investment banks to pitch for roles in managing its IPO process. Informal discussions have already taken place with bankers and investors to gauge interest in a listing.

The timeline is still evolving, but the IPO could take place between late 2026 and early 2027 depending on market conditions.

The offering could include a secondary share sale by existing investors, including Walmart. Walmart acquired a 77% majority stake in Flipkart in 2018 for $16 billion, one of the largest deals in India's technology sector. The proceeds from the IPO are expected to support the company's expansion plans.

The Scale of Flipkart's Business

According to available data, Flipkart currently serves more than 500 million registered customers and works with around 1.6 million sellers on its platform. Its logistics arm, Ekart, supports the delivery infrastructure and reaches over 15,000 PIN codes across India.

The company's scale is also reflected in its sales volumes. Industry estimates suggest that Flipkart's gross merchandise value (GMV) reached approximately $30 billion in 2025, compared with about $23 billion in 2021. This increase reflects both the expansion of Flipkart's marketplace and the broader growth of online retail in India.

Beyond its core marketplace, Flipkart operates several other businesses within its ecosystem. These include Myntra, which focuses on fashion and lifestyle e-commerce; Cleartrip, a travel booking platform; Flipkart Wholesale, which serves business customers; and super.money, a fintech platform.

Financial Performance and Business Expansion

Flipkart's financial data also reflects the company's expansion strategy.

Financial Metric	FY24	FY25
Revenue from Operations	₹70,541.9 crore	₹82,787.3 crore
Consolidated Loss	₹4,248.3 crore	₹5,189 crore
Total Expenses	₹74,271.2 crore	₹88,121.4 crore

Source: Economic Times

In preparation for its next phase of growth, the company has also made several senior-level appointments across supply chain, finance, communications, and human resources functions. These leadership additions come as Flipkart continues to expand its operations and strengthen internal capabilities.

At the same time, the company has also conducted routine performance reviews that resulted in the exit of a small percentage of employees. Reports indicate that an estimated 300–500 employees were affected in a recent review cycle across different departments.

The Competitive Landscape and What the IPO Means

Flipkart's potential IPO is coming at a time when India's e-commerce market is growing fast, but it's also becoming far more competitive. The company is competing with major players like Amazon, Reliance Retail's JioMart, and the Tata Group's digital commerce platforms, all trying to capture a bigger slice of India's expanding online retail market. Over the last decade, the landscape has changed dramatically. With India's internet user base crossing one billion subscribers and smartphones and digital payments becoming part of everyday life, online shopping has grown at a massive scale.

Flipkart's decision to move its headquarters back to India also reflects a wider shift happening across the startup ecosystem. In the past, many Indian startups set up holding companies overseas. But now, several of them are relocating their domiciles back to India as they prepare for local IPOs. Companies like Groww and Zepto have taken similar steps in recent years, encouraged by clearer regulations and the growing maturity of India's capital markets.

Seen in this light, Flipkart's restructuring and IPO planning signal a broader change in how large Indian tech companies are positioning themselves within the country's financial ecosystem. The exact timeline for the listing is still unclear, but the company's internal restructuring and early conversations with investment banks suggest that the groundwork for a public listing is slowly being put into place.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a SEBI-registered advisor before making investment decisions.