Flipkart’s homecoming: Company to shift domicile from Singapore to India

The company has set up a payments app Super.money
| Photo Credit:
ANUSHREE FADNAVIS

E-commerce major Flipkart is moving its domicile from Singapore to India, joining the long list of firms flipping back to India.

Speaking on this development, a Flipkart spokesperson said, “This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology- and innovation-driven capabilities to foster digital transformation in India.”

However, the move is subjected to requisite approvals.

Moving the company will help avoid the strict rules in India’s Foreign Exchange Management Act and foreign investment regulations. It will also remove the burden of being regulated by both Singaporean and Indian authorities and make governance and tax matters simpler.

Companies that once set up their legal headquarters overseas are moving back to India, a trend known as “reverse flipping”. Razorpay, Meesho and Pine Labs are in the process. Others such as Khatabook, Eruditus and Udaan are also considering similar moves.

Most of these companies are looking to tap India’s public markets, which have been offering rich valuations.

“As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners and communities to continue contributing to the nation’s growing digital economy and entrepreneurship. We are excited by the opportunities ahead and reaffirm our long-term confidence in India’s future,” the statement added.

Walmart-owned firm has also raised nearly $1 billion in funding, including $350 million from Google. Last year, Tiger Global, Accel—both early backers of Flipkart—and cofounder Binny Bansal made a full exit from the firm by selling their remaining stake in the online retail firm to Walmart.

At Flipkart—led by group CEO Kalyan Krishnamurthy—the focus is on further sharpening its bottom line while growing at a rate that is slightly higher than the industry average. With the shifts towards quick commerce in India, the company has entered the space with a segment with its offering—Minutes—in what is a key priority area for the firm and the next big area of growth.

Apart from Mintues, the payments and lending are other focus areas. The company has set up a payments app Super.money, run by its senior executive Prakash Sikaria, housed under a separate entity owned by Flipkart. The ecommerce firm has also enabled Unified Payments Interface (UPI) payments through its own platform.

Published on April 22, 2025