On March 9, 2026, Flipkart completed a reverse flip that moved its holding company from Singapore to India. The change, approved by the National Company Law Tribunal and the central government under Press Note 3, makes Flipkart Internet Private Limited the new holding entity of the Flipkart group. The move removes a foreign domicile that had been a regulatory hurdle for a domestic listing and signals the company’s intent to list on an Indian exchange.
Flipkart’s 2025 calendar year saw a gross merchandise value of $30 billion, supported by a customer base of more than 500 million and 1.6 million sellers. The B2C arm, Flipkart Internet, reported revenue of ₹20,493 crore and a narrowed loss of ₹1,494 crore, compared with a ₹2,359 crore loss in FY24. Consolidated results for Flipkart India showed a loss of ₹5,189 crore versus ₹4,248.3 crore in FY24, reflecting higher operating costs amid a push for scale. The company also reduced its workforce by 250–300 employees as part of an annual performance review aimed at streamlining operations ahead of the IPO.
The redomiciliation clears the way for a potential listing that analysts expect to target the end of 2026 or the calendar year 2027. Valuation estimates for the IPO range between $36 billion and $50 billion, a level that reflects Flipkart’s strong market position and Walmart’s backing. The move also satisfies the Indian Securities and Exchange Board’s requirement that a listed company’s holding entity be domiciled in India, thereby simplifying regulatory compliance and investor access.
Flipkart’s reverse flip is part of a broader trend of Indian tech firms returning to domestic domiciles to tap local tax regimes and investor sentiment. Companies such as Meesho, Razorpay, Groww, and Zepto have followed similar paths. For Walmart, the change strengthens its foothold in India’s fastest‑growing e‑commerce market and aligns its global strategy with the country’s expanding capital markets.
A Flipkart spokesperson said, “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. This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long‑term commitment to India.” The company also noted, “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.” Regarding workforce changes, Flipkart added, “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.”
By consolidating its corporate structure in India, Flipkart positions itself to meet the regulatory and investor expectations that accompany a public listing. The move also signals to Walmart that the company is ready to raise capital in a market that offers a large, growing consumer base and a supportive regulatory environment. If the IPO proceeds as anticipated, it could provide a significant liquidity event for Walmart and a new source of capital for Flipkart’s continued expansion.
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