Flipkart works on home advantage with domicile rebound from Singapore
Flipkart has begun active discussions to move its domicile back from Singapore to its country of origin, said people aware of the matter. The 17-year-old company is the country’s biggest consumer internet firm with a foreign domicile.
The homecoming for India’s best-known technology startup, which is now valued at around $33 billion, could also potentially deliver a handsome tax gain for the Indian government. Flipkart Pvt Ltd is the holding company based in Singapore.
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The Walmart-owned etailer has been discussing this shift internally with the senior leadership and plans are likely to gather momentum in the coming months, the people cited said. “This could also prove to be a challenging and multi-layered process, given Flipkart’s scale and the multiple entities involved that run its ecommerce business in India. But they want to move domicile here,” said one person.
Multiple units in India house Flipkart’s marketplace, logistics, payments and other ecommerce verticals.
Its plans to move domicile to India are linked to its eventual goal of an initial public offering (IPO). People in the know said that while Flipkart has no plans for an IPO in 2024, “recent consumer company IPOs have shown the appetite for large consumer businesses on
