Why Is Flipkart Shifting Domicile From Singapore To India? NCLT Nod Decoded

Ahead of its highly-anticipated IPO in 2026, e-commerce giant Flipkart has received the National Company Law Tribunal (NCLT) approval to shift its domicile back to India.

This approval is key to fulfill reqiurements for a market debut on Indian stock exchanges - BSE and NSE.

Flipkart’s Domicile Flip: How Does It Work?

Flipkart's move to shift its domicile back to India is more complex than those undertaken by startups in nascent stages.

The NCLT approval outlined a phased consolidation of the e-commerce group's overseas entities due to the size, ownership pattern, and the scale of operations.

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While the US retail major Walmart holds majority stake in Flipkart, the e-retailer's ownership structure shows top firms as stakeholders, including  SoftBank, Google, Qatar Investment Authority, Microsoft and Tencent.

The next move after the NCLT approval would require the Singapore-headquartered holding company to become part of Flipkart Internet, making it the group’s principal holding company in India

Flipkart Awaits Press Note 3 Clearance: What Is Press Note 3?

The centre is mulling over giving Flipkart clearance linked to Press Note 3, which translates into a approval from the administration required before accepting foreign investments from nations sharing border with India. This is largely meant to target Chinese investments in the south Asian country. The Chinese firm Tencent has a close to 6 per cent stake in Flipkart,

While Flipkart awaits the nod on Press Note 3, reports are claiming that the e-retailer will ensue work on its IPO prospectus, however, the company. has not indicated any set timeline for public listing.

Does NCLT Approval Indicate Flipkart's IPO Grooming Phase?

The NCLT nod to Flipkart's reverse domicile shift comes amid renewed talk about an IPO in India's e-commerce vertical. The Walmart-owned enterprise follows the route taken by the like Meesho, Groww and Razorpay, who have cumulatively paid nearly $600 million in taxes to flip domiciles back to India. The massive tax outflow happened from capital gains triggered by transfer of shareholding from its overseas entities to India-based ones.

About Flipkart

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered customer base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers.