🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Walmart-backed Flipkart to shift base back to India from Singapore
VCCircle
·
4m ago
Medial
Walmart-backed Flipkart plans to relocate its holding company from Singapore to India, aligning its structure with core operations and preparing for a domestic IPO. This move reflects a trend where Indian startups are shifting back from overseas financial hubs like Singapore for better IPO prospects. Flipkart, originally based in Singapore since 2011, aims to follow a path similar to PhonePe, which successfully relocated to India. Walmart acquired a controlling interest in Flipkart in 2018.
View Source
1
Related News
Flipkart board approves domicile shift from Singapore to India
Entrackr
·
4m ago
Medial
Flipkart board approves domicile shift from Singapore to India Walmart-owned e-commerce major Flipkart will join dozens of other companies that have either completed or are in the process of moving their base to India. E-commerce marketplace Flipkart has reportedly received approval from its board to shift the company's domicile from Singapore to India. The Walmart-owned firm will join dozens of other companies that have either completed or are in the process of moving their base to India. According to an ET report, Flipkart’s board approved the plan to shift its domicile back to India during a meeting held last week in Singapore. While Flipkart did not comment on approval from the board, it has shared its intention to relocate its holding company from Singapore to India. “This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. We are inspired by the Government of India’s strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey. This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India,” said a Flipkart spokesperson. “As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation’s growing digital economy and entrepreneurship,” the spokesperson added. Meanwhile, the board of Flipkart Internet (India) has approved a resolution to capitalise its securities premium of up to Rs 26,552 crore for the issuance of bonus shares to Flipkart (Singapore), Flipkart (Marketplace), and Quickroutes International, according to a regulatory filing accessed from the Registrar of Companies (RoC). Flipkart has been working on shifting its holding company back to India since May 2023. Its IPO is expected by late 2025 or early 2026. The company was last valued at $33 billion after raising $600 million from existing investors in December 2023. Earlier, in July 2021, it raised $3.6 billion led by SoftBank at a $37.6 billion valuation. The valuation was later revised to $33 billion after it separated from PhonePe. So far, PhonePe, Zepto, Dream11, and Groww have completed their reverse flip to India. Meanwhile, several other companies — including Meesho, Razorpay, Pine Labs, Eruditus, Livspace, Mensa, and KreditBee — are awaiting final approvals to shift their base.
View Source
Flipkart targets to shift domicile from Singapore to India
Entrackr
·
1y ago
Medial
E-commerce major Flipkart is planning to shift its domicile or holding company from Singapore to India, according to a media report. With this, it will join several late stage companies which are also planning to move back to India over the next few months. The domicile shift can be linked to Flipkart’s plan to go for an initial public offering (IPO) in the near future, ET reports. Walmart-controlled Flipkart will be the second firm from the group which is planning to shift the domicile. Earlier, PhonePe became the first to do a reverse flip. It’s worth highlighting that PhonePe was fully separated from Flipkart Group in December 2022. PhonePe’s investors had to pay Rs 8,000 crore in taxes to the government for the move and Flipkart is also expected to pay heavy taxes in the process. The quantum of the tax to move domicile depends on the company’s valuation and third-party audits. Flipkart was last valued at $33 billion after a $600 million funding from existing backers in December last year. Also, it’s the most valued Indian-origin private company till now. In July 2021, Flipkart received $3.6 billion led by SoftBank at a valuation of $37.6 billion. The company was revalued at $33 billion after separation from PhonePe. Entrackr has reached out to Flipkart for comments. Walmart owns nearly 85% stake in Flipkart followed by Tencent and CPP Investment which own 7.1% and 2.3% shares, respectively. The company’s co-founder Binny Bansal officially exited the company in January this year. Most recently, fintech unicorn Groww announced moving back its base to India from the US. The firm already completed the process in March this year. Besides the above-mentioned three companies, KreditBee, Pine Labs, Razorpay, Meesho, Eruditus and Zepto have been working on reverse flips.
View Source
Flipkart receives another $262 Mn from Singapore-based parent
Entrackr
·
3m ago
Medial
Flipkart receives another $262 Mn from Singapore-based parent Flipkart Internet (India), the marketplace arm of the Walmart-owned firm, has received another $262 million (Rs 2,225 crore) in internal funding from its Singapore-based parent entity. This comes nearly two months after Flipkart Internet received $382 million from its Singapore-based parent company. The board at Flipkart has allotted equity shares worth Rs 2,225 crore to Flipkart Marketplace Private Limited (Singapore), its multiple filings accessed from the Registrar of Companies (RoC) show. This follows around the same time Flipkart’s fashion platform Myntra India received $125 million from its Singapore-based parent, FK Myntra Holdings. Media reports indicate the firm plans to launch its IPO with a valuation of $60-$70 billion. It is shifting its Domicile from Singapore to India, joining Pine Labs, Zepto, Meesho, and Razorpay in relocating their headquarters back to their home country. According to startup data intelligence platform TheKredible, Walmart owns 85% of Flipkart Internet, which includes its affiliates PhonePe and Myntra. Other shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Flipkart is currently valued at $36 billion. For the fiscal year ended 2024, Flipkart reported a 20% growth in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.
View Source
Flipkart Internet receives $111 million in new fund infusion
Economic Times
·
1y ago
Medial
Flipkart Internet, the marketplace arm of Flipkart backed by Walmart, received a cash injection of approximately INR 924 crore ($111 million) from its Singapore-based entities in January 2023. This comes as Amazon continues to invest in its Indian entities, crossing INR 1,000 crore ($134 million) this year. Flipkart is also in talks to raise up to $1 billion, with parent company Walmart committing to invest $600 million. Flipkart's valuation is expected to be around 5-10% higher than its previous valuation of $33 billion. In the fiscal year 2023, Flipkart Internet reported a 42% increase in operating revenue and a 9% decrease in total loss.
View Source
Flipkart receives $382 Mn from parent entity
Entrackr
·
4m ago
Medial
Flipkart Internet, the marketplace arm of Walmart-backed Flipkart, has received Rs 3,249 crore (approximately $382 million) in internal funding from its Singapore-based parent entity. Earlier, in April 2024, the company had secured Rs 1,421 crore from the same parent organization. The board at Flipkart has issued 470,773 equity shares at an issue price of Rs 69,014.7 each on a right issue basis to raise Rs 3,249 crore from Flipkart Marketplace Private Limited (Singapore), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May last year, Flipkart raised $350 million from Google at a valuation of $36 billion. According to startup data intelligence platform TheKredible, Walmart is the largest stakeholder in the e-commerce company holding 85% stake, followed by Tencent and other minority shareholders including CPP Investments, GIC, SoftBank and Microsoft. Apart from horizontal e-commerce offerings, Flipkart also entered the quick commerce space with Minutes, promising deliveries within 10-15 minutes to compete with players like Blinkit, Zepto, and Instamart. For the fiscal year ended 2024, Flipkart reported a 20% increase in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.
View Source
Flipkart Singapore parent infuses Rs 1,421 crore in marketplace arm
Economic Times
·
1y ago
Medial
Walmart-owned Flipkart has infused Rs 1,421 crore (around $170 million) in its Indian marketplace entity, Flipkart Internet, through its Singapore holding company. This is not new funding but an internal cash transfer. It is the second major fund infusion received by Flipkart Internet from its Singapore-based entities this year. The latest funding takes the total infusion in the marketplace entity to $281 million. Flipkart aims to launch its quick-commerce service and has been working on faster deliveries, including same-day delivery in several cities. Meanwhile, Amazon India has also received funds exceeding Rs 1,000 crore from its US parent company.
View Source
Exclusive: Pine Labs looks at merger possibility with peer to brighten IPO prospects
VCCircle
·
1y ago
Medial
Pine Labs, an Indian digital payments company, is considering a merger with a local fintech company in a bid to enhance its IPO prospects. The company, which is moving its base back to India from Singapore, aims to achieve a combined listing through the merger. Pine Labs is backed by investors including Peak XV Partners and private equity firm Actis.
View Source
Flipkart Partners With Axis Bank To Hop Onto UPI Bandwagon
Inc42
·
1y ago
Medial
Walmart-backed ecommerce giant Flipkart has launched its own payment offering, Flipkart UPI, in partnership with Axis Bank. The UPI handle will enable online and offline transactions, including e-commerce, recharges, and bill payments, and will compete with players like Amazon Pay, Paytm, PhonePe, and Google Pay. The launch aims to provide convenience and zero-cost solutions for payments and will offer loyalty perks such as cashback, rewards, and brand vouchers. Additionally, Flipkart Internet, Flipkart's marketplace arm, raised INR 924 crore ($111 million) from its related entities based in Singapore.
View Source
Flipkart Mulling Reverse Flip To India With IPO On The Horizon
Inc42
·
1y ago
Medial
Ecommerce giant Flipkart is in talks to shift its parent entity from Singapore to India, as part of its long-term objective to pursue an IPO. The move aligns with a trend of reverse flipping, with companies like PhonePe and Groww already relocating their headquarters back to India. The shift could also provide significant tax benefits for the Indian government. Flipkart's leadership has been discussing the relocation, which may face challenges due to the company's large scale and involvement of various entities. Flipkart's IPO plans are not immediate, but the market's confidence is tied to the company's profitability, which still needs improvement.
View Source
Reverse flip in cart, Flipkart plans IPO delivery in 12-15 months
Economic Times
·
8m ago
Medial
India's largest e-commerce firm Flipkart is preparing for an IPO within the next 12-15 months, which is expected to be the largest share issue by a new-economy company in India. Flipkart has secured internal approvals to move its domicile from Singapore to India, a first step towards going public. The proposed IPO follows the success of several Indian consumer internet firms, such as Zomato and Nykaa, going public and signals the growing interest of retail investors in Indian startups. Walmart, which owns nearly 81% of Flipkart, is likely to benefit significantly from the IPO.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in