IPO-bound Flipkart gains key approvals to relocate to India

Core Insights - Flipkart is in advanced stages of securing regulatory approvals to move its headquarters from Singapore to India, targeting completion later this year as it prepares for an Indian IPO next year [1][2] - The redomiciling process has received in-principle approvals from a Singapore court, with hearings ongoing at India's National Company Law Appellate Tribunal (NCLAT) [2] - The transition is aligned with India's festive season, a critical sales period, and aims to lay groundwork for a public listing expected as early as 2026 [2] Company Actions - Flipkart initiated the redomiciling process in India and Singapore simultaneously over two and a half months ago, following board approval in April [3] - The company raised $350 million from Google in 2023, with a valuation of $36 billion, making it the most valuable startup to undertake a redomiciling process [6] Industry Context - PhonePe, a Walmart-backed fintech that split from Flipkart, relocated its headquarters to India and filed for an IPO aiming to raise ₹120 billion (approximately $1.35 billion) [4] - Other startups like Zepto and Groww have also moved their headquarters to India in preparation for public listings, with Groww set to be the first Indian startup to list domestically after redomiciling from the U.S. [5]