Indian e-commerce giant Flipkart has moved its headquarters back to India from Singapore as it prepares for a potential IPO in the coming months.

The relocation comes more than a decade after Flipkart moved its headquarters overseas. The company is targeting a stock market debut in India in the financial year ending March 2027, people familiar with the company told TechCrunch.

Walmart-owned Flipkart’s IPO plans come as the country’s e-commerce market expands rapidly, thanks to a growing internet user base that’s already crossed a billion subscribers. The relocation mirrors a broader trend of Indian startups, including Zepto and Groww, relocating their overseas holding structures back home in recent years as they seek to go public. Groww went public last year, while Zepto filed confidentially for an IPO in December.

Flipkart’s gross merchandise value reached about $30 billion in 2025, sources told TechCrunch, up from roughly $23 billion in 2021. The platform has more than 500 million customers and 1.6 million sellers across the country, while its logistics arm Ekart delivers to more than 22,000 pin codes nationwide.

Founded in 2007 in Bengaluru, Flipkart was one of several Indian startups to set up overseas holding structures as they sought to attract foreign investment, benefit from tax advantages, and better navigate India’s regulatory environment at the time. In 2018, Walmart acquired a majority stake in Flipkart for $16 billion.

India has been encouraging more technology companies to list domestically and as companies seek greater regulatory clarity and simpler tax structures by moving their headquarters back home.

Flipkart first announced plans to move its headquarters back to India in April 2025. By September, the restructuring had received in-principle approval from a Singapore court, while hearings related to the shift were also held before India’s National Company Law Appellate Tribunal, people familiar with the matter told TechCrunch at the time.

“Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group. This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India,” a company spokesperson said.

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