Walmart-owned e-commerce giant Flipkart said on Monday it intends to move its holding company from Singapore to India ahead of a potential initial offer by the company.
“The movement represents natural evolution, representing the holding structures of core operations, the great potential of the Indian economy, and the technology and innovation-driven ability to drive digital transformation in India,” a spokesperson for Flipkart said.
“As a company born and nurturing in India, this transition will further increase the focus and agility to serve our customers, sellers, partners and communities, and continue to contribute to the country’s growing digital economy and entrepreneurship. We are excited about the opportunities ahead and reaffirm our long-term trust in India’s future,” they added.
The move is subject to necessary regulatory approvals.
US retail giant Walmart previously said it remains “long-term ambition” after Flipkart’s IPO acquired stake in Tiger Global. Walmart Inc. has paid $1.4 billion to buy the remaining shares of Flipkart’s Tiger Global Management. The IPO “remains our long-term ambitions and it will come at the right time,” a spokesman had previously told NDTV’s interests.
Additionally, in preparation for the initial public offering, LydiaJet, former SoftBank managing partner, has appointed LydiaJet to the board of directors.
He has now joined Pine Lab, Zepto, Razorpay, and more, which have “reversed” India. This is the process in which Indian companies first moved their legal residence and headquarters abroad, and then moved abroad for tax and regulatory benefits.
