Flipkart Moves Closer to IPO After NCLT Approves India Domicile Shift

flipkart has received approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India. This move brings the Walmart-owned e-commerce giant a step closer to its goal of going public.

The NCLT order permits the merger of eight Singapore-based entities with India’s Flipkart Internet. The unified company named Flipkart Internet, will encompass the group’s core indian businesses including fashion platform myntra and logistics arm Ekart.

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This move follows Flipkart’s earlier decision led by Kalyan Krishnamurthy, to relocate its legal entity from Singapore to India, describing it as a “natural evolution” to align its holding structure with core operations. The board of the company had approved the re-domiciling process in April 2025.

Media reports indicate that Flipkart is also seeking government approval under Press Note 3 rules, required by India’s foreign direct investment (FDI) regulations. This clearance is necessary because Chinese firm Tencent owns a 5% stake in Flipkart. The rule, introduced during the pandemic, mandates government approval for foreign investments from countries that share a land border with India.

According to The Economic Times, Flipkart does not consider Tencent’s stake a significant obstacle, as the company is majority-owned by US-based Walmart. Other investors include google, SoftBank, Qatar Investment Authority, and Microsoft.

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

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The company’s renewed IPO focus coincides with the rapid growth of its quick-commerce segment, Flipkart Minutes, which saw 16x growth in the second half of the year and now serves 53 million unique transacting customers.

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