Flipkart gets NCLT nod to shift domicile to India, moves closer to IPO

Flipkart has secured clearance from the National Company Law Tribunal (NCLT) to flip its domicile from Singapore to India. With this, the Walmart-owned ecommerce player moves closer to its public market debut dream.

According to the NCLT order, the approval allows the amalgamation of eight Singapore-incorporated entities with India-based Flipkart Internet. The combined entity will be called Flipkart Internet and will house the company’s core businesses in India, including fashion marketplace Myntra and logistics arm Ekart.

This development comes after the Kalyan Krishnamurthy-led group relocated its legal entity from Singapore to India earlier this year, calling it a “natural evolution” that aligns its holding structure with its core operations. The company’s board of directors had approved the re-domiciling process in April this year.

According to media reports, Flipkart is also seeking an approval from the government under Press Note 3 rules, necessary under India’s foreign direct investment (FDI) regulations. This is primarily required as Chinese major Tencent holds a 5% stake in Flipkart. According to the pandemic-era rule, government clearance is needed for any foreign investment coming into a domestic company from a country that shares a land border with India.

However, according to a report by The Economic Times, Flipkart doesn’t see Tencent’s stake being a major hurdle as the company is majority-owned by US-based Walmart. Its other backers include Google, SoftBank, Qatar Investment Authority, and Microsoft.

Earlier this month, Flipkart appointed former Meta executive Dan Neary to its board of directors. likely to strengthen its governance and board ahead of its planned IPO filing. Last year, Walmart Executive Vice President and Head of Corporate Affairs, Dan Bartlett, joined the board in November 2024.

The company’s renewed focus on public debut comes as it scales its quick-commerce offering Flipkart Minutes. The segment recorded a 16x growth in the second half of the year and has 53 million unique transacting customers.