BENGALURU: Walmart-owned ecommerce major Flipkart to shift its domicile back to India from Singapore. This comes ahead of its potential IPO plan, and the ecommerce giant is the latest company to do 'reverse flipping' after PhonePe, Razorpay, Groww and Zepto.
In a statement, Flipkart said, this strategic decision reflects our deep and unwavering commitment to India and its remarkable growth.
"We are inspired by the Government of India’s strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey. 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," It said.
“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 e-commerce firm added.
Earlier this year, quick commerce firm Zepto completed its reverse merger from Singapore to India. Another Walmart-backed company PhonePe in 2022 moved its domicile to India from Singapore and its investors had paid Rs 8,000 crore in taxes to shift. Last year, fintech start-up Groww moved its parent entity, Groww Inc, from Delaware to Bengaluru. According to reports, it paid about Rs 1,340 crore tax for domicile shift.