Flipkart Secures Singapore Court Approval for India Re-Domiciliation

E-commerce giant Flipkart has moved closer to shifting its base back to India, with a Singapore court granting in-principle approval for its redomiciling plan. The company, valued at $36 billion, is now in advanced talks with regulators in both countries to complete the process in the coming months, paving the way for a much-anticipated public listing.

Reverse Flip and Regulatory Path

As per the news reports, Flipkart began the redomiciling process in India and Singapore around two and a half months ago, following its board’s approval of the proposal in April 2025. The National Company Law Appellate Tribunal (NCLAT) has also conducted multiple hearings on the petition, with its approval deemed critical as Flipkart is eyeing an IPO as early as 2026.

Financial Performance and Tax Implications

While progress towards a listing is underway, Flipkart faces the challenge of a potentially heavy tax outgo. By comparison, Walmart-owned PhonePe reportedly paid $1 Bn in taxes when it moved its domicile back to India in 2022. Given Flipkart’s larger scale, analysts expect the tax bill to be even higher.

Financially, Flipkart continues to operate at a loss, though it has managed to narrow its gap. Its B2C arm, Flipkart Internet, posted operating revenue of ₹20,493 crore in FY25, up 14.4% from ₹17,907 crore in FY24. Net losses dropped by 37% to ₹1,494 crore in the fiscal year, compared to ₹2,359 crore the previous year, with reduced cash burn aiding the performance.

IPO Wave Among Indian Startups

Flipkart’s planned listing comes amid a surge of Indian startups preparing for public markets. Its former payments arm PhonePe, now valued between $12 billion and $15 billion, has filed a confidential DRHP with SEBI for an IPO expected to raise $1.2 billion–$1.5 billion.

Other new-age firms have also taken steps to return home before tapping local bourses. Zepto, the quick commerce player, has deferred its IPO to focus on profitability, while investment platform Groww has already secured SEBI’s nod for a ₹7,000 crore listing. With seven startups debuting on Indian exchanges this year, Flipkart’s return could mark one of the largest floats in the country’s digital economy.

Read More: Flipkart India Posts ₹5,189 Crore Loss in FY25; Revenue Rises 17%!

Conclusion

By securing court clearance in Singapore and moving swiftly through Indian approvals, Flipkart has laid the groundwork for its return to domestic soil. With an IPO on the horizon for 2026, improving financial metrics, and a growing appetite for startup listings in India, the e-commerce giant’s reverse flip is set to reshape its future trajectory, though not without hurdles such as regulatory scrutiny and tax obligations.

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