Flipkart Gains Approval to Repatriate Holding Company to India

Flipkart, owned by Walmart is making a giant leap towards the potential of going public. Its plan to take its holding company back to India has been passed by the National Company Law Tribunal.

This action will bring the e-commerce giant nearer to completing its reverse flip, which is a major legal requirement prior to any domestic first public offering.

The NCLT approval allows Flipkart to start the remaining legal and regulatory work needed to complete the reverse flip, which shifts ownership from its Singapore holding entity to an Indian parent. Company insiders say this change will simplify Flipkart’s corporate structure and tighten its alignment with the business it actually runs—mostly in India.

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Flipkart originally shifted its legal base to Singapore in 2011, a common strategy for Indian startups chasing global capital and legal certainty. But times have changed. India’s capital markets are deeper now, and policymakers and investors alike are pushing major tech companies to list locally. That shift in market dynamics is a big reason Flipkart is reversing course.

Industry watchers see the domicile change as more than a technical fix. “This is about standing in the right place when you go public,” says a senior market analyst. With the NCLT nod in hand, Flipkart can push ahead with filings and approvals from other regulators to finish the transition.

The company indicates that it does not have any definite IPO schedule. But it has been viewed by many that the reverse flip is a significant precursor. To investors and competitors, the development of Flipkart is an indication of ever-increasing confidence in the Indian markets, and the maturity of the local startup environment seeking to access the local capital pools.