Flipkart, the start of Walmart owned e -commerce that fights closely in the Amazon market in the South Asian market, is preparing to relocate its headquarters to India from Singapore while the company prepares to present for an IPO in Indian shares.
On Monday, Flipkart said that mass “represents a natural evolution, approximating our bearing structure with our essential operations, the broad potential of the Indian economy.”
The e -commerce giant, which launched its operations in 2007 in Bengaluru, transferred its headquarters to Singapore in 2011 to attract more foreign investment, benefit from tax advantages and sailing better bureaucratic obstacles and political challenges in India.
“As a company born and nourished in India, this transition will further improve our focus and skill in the service of our clients, sellers, partners and communities to continue contributing to the digital economy and growing entrepreneurship of the country,” said a Flipkart spokesman in a statement.
The relocation is subject to the necessary approval, the beginning said, without detecting a specific timeframe. However, Flipkart is expected to present an IPO in the country somewhere next year.
In 2022, Phonepe, backed by Walmart, who split from Flipkart at the end of 2022, transferred its headquarters to India from Singapore. Some other startups, including Zepto and Groww, have also moved their headquarters to India in recent months as they searched public lists in Indian scholarships.
However, India’s current public market environment is not as attractive as it had ended by the end of last year, as the market is undergoing some corrections and is affected by macro conditions. IPO -made up about $ 19 billion from the $ 70 billion record volume of capital agreement reached in India last year, with 11 IPOs price over $ 500 million for a report by Goldman Sachs.
However, investors are optimistic about the potential of growth in the Indian market, as some companies are waiting to be released this year and next.
“The supporting environment of the evaluation has prompted the activity of the issuer. Many of the unicorns who were thinking of going public at the US passed to India because they thought India supported a better appreciation,” said Sudarshan Ramakrishnan, co -director of India Investment Banking at Goldman Sachs.
The latest mass from Flipkart also comes almost a year after collecting $ 350 million from Google as part of a round of nearly $ 1 billion, which began in 2023. The start was rated at $ 36 billion in the latest investment.
