Flipkart is racing toward the finish line of its historic headquarters relocation from Singapore to India, with regulatory approvals now in hand and the $36 billion e-commerce giant targeting completion within months. The move positions Flipkart to become the most valuable startup ever to redomicile to India ahead of what could be the country's largest-ever IPO in 2026.
Flipkart just cleared the biggest regulatory hurdles in its race to become India's most valuable redomiciled startup. The Walmart-owned e-commerce giant has secured in-principle approval from a Singapore court and navigated multiple hearings at India's National Company Law Appellate Tribunal, according to sources familiar with the process who spoke to TechCrunch.
The timing couldn't be more strategic. Flipkart is pushing to complete the headquarters shift within the next couple of months, perfectly aligning with India's festive season - when the company typically sees its highest sales volumes. This isn't just corporate housekeeping; it's laying the groundwork for what industry insiders expect could be India's largest startup IPO ever, with a potential 2026 listing that could dwarf previous offerings.
The regulatory marathon began two and a half months ago when Flipkart simultaneously filed applications in both countries, following board approval in April. That decision came after months of strategic planning as the company watched competitors make similar moves. The process involves complex cross-border legal frameworks, tax implications, and regulatory compliance in both jurisdictions.
Flipkart's $36 billion valuation - established during its most recent funding round that included a $350 million investment from Google - makes this the highest-stakes redomiciliation in Indian startup history. The company's massive scale dwarfs previous relocations, creating a template that other unicorns are watching closely.
The broader trend is unmistakable. PhonePe, which split from Flipkart in late 2022, completed its own Singapore-to-India move and this week filed confidential IPO papers with India's Securities and Exchange Board. Reports suggest PhonePe is targeting a ₹120 billion raise (approximately $1.35 billion) through its public offering, setting the stage for back-to-back mega-listings from former Flipkart entities.
Startups including Zepto and Groww have also made the leap in recent months. Groww is particularly significant - it's set to become the first Indian startup to list domestically after redomiciling from the U.S., with its IPO expected before year-end. This creates a powerful precedent that venture capitalists and startup founders are studying intensively.
