IPO-Bound Flipkart Gets NCLT Approval to Shift Domicile to India

Flipkart has taken a significant step towards its public listing by obtaining approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India, as per news reports. This move aligns with its IPO target in 2026. 

Domicile Reversal and Regulatory Clearances in Focus 

Flipkart, the Walmart-owned ecommerce company based in Bengaluru, has received NCLT approval to re-domicile in India.  

This shift is essential as it prepares to file draft IPO papers in 2026. Following this, the company has now approached the central government for approval under Press Note 3 guidelines due to Tencent’s shareholding. 

Chinese internet giant Tencent holds around 5-6% in Flipkart, triggering the need for government clearance as per rules introduced in 2020 for entities from countries sharing land borders with India. 

Corporate Structure and Shareholding Details 

Once the flipback process is finalised, Flipkart Internet Pvt Ltd will be the primary Indian entity overseeing operations and subsidiaries. These include Myntra, logistics firm Ekart, and online travel portal Cleartrip. Other major shareholders in Flipkart include Microsoft, Canada Pension Plan Investment Board, and SoftBank. 

Walmart acquired a 77% stake in Flipkart in May 2018 for $16 billion. 

Read More: India's Quick Commerce Bubble Could Be on the Verge of Bursting, Warns Blinkit CEO! 

Financial Performance and Board Updates 

Financials indicate operational tightening across Flipkart’s verticals. For FY25, Flipkart Internet reported revenue of ₹20,493 crore, rising 14% year-on-year, while net losses reduced by 37% to ₹1,494 crore. Ekart and Cleartrip also saw notable reductions in losses, while Myntra posted an 18-fold increase in profit. 

Google invested $350 million in Flipkart during a $1 billion funding round concluded in May 2024, valuing the company at approximately $35-36 billion. The board also saw the addition of former Meta executive Dan Neary. 

Comparison with Recent Market Activity 

Flipkart’s IPO move follows shortly after its ecommerce peer Meesho listed on December 10, 2025. Flipkart’s upcoming offering will be the 2nd from Walmart’s India portfolio, following PhonePe’s filing for a $1.5 billion IPO in September 2025. 

Conclusion 

Flipkart’s receipt of NCLT clearance and initiation of regulatory compliance under Press Note 3 marks key steps towards its IPO. With changes in domicile and solid backing from global investors, the company is aligning its structure to operate fully under Indian jurisdiction. 

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