Flipkart to move staff to India before IPO

Flipkart, the Walmart owned Indian e -commerce startup, which is closely fighting Amazon on the market in South Asia, is preparing to move its plant back to India from Singapore as a company prepares for submission of IPO On Indian stock exchanges.

On Monday, Flipkart said this move “is a natural evolution that brings our structure to hold our main operations, the huge potential of the Indian economy.”

The e-commerce giant, which began its operations in 2007 in Bengaluru, moved its plant to Singapore in 2011 to attract more foreign investment, take advantage of tax advantages, and better focus on bureaucratic obstacles and political challenges in India.

“As a company born and fed in India, this transition will further improve our focus and agility in the service of our customers, sellers, partners and communities to continue to contribute to the growing digital economy and entrepreneurship in the nation,” a Flipkart spokesman said in a statement.

The relocation is subject to the necessary approvals, the launch said without revealing a specific timeline. However, Flipkart is expected to submit an IPO in the country sometime next year.

In 2022, supported by Walmart Phonepe, which split by Flipkart in late 2022, move your plant to India from Singapore. Several other start -ups including Zepto and GrowwThey have also moved their headquarters to India in the last few months as they have searched for public lists of Indian stock exchanges.

However, the current public market environment in India is not as attractive as it was by the end of last yearAs the market goes through some adjustments and is influenced by macro conditions. IPO made up about $ 19 billion from a record volume of a $ 5 billion deal reached in India last year, with 11 IPO priced over $ 500 million for a a report by Goldman Sachs.

Nevertheless, investors are optimistic about the growth potential in the Indian market, as several companies are waiting to publish this year and the next.

“The assessment environment has prompted the issues of the issues. Many of the unicorns who thought to become public in the United States have moved to India because they believe India is supporting a better assessment,” said Sudarshan Ramakrishnan, an investment banking classmate in India in Goldman Sax.

Flipkart’s last move also comes almost a year Rating $ 350 million from Google As part of a round of nearly $ 1 billion, which started in 2023, the launch is estimated at $ 36 billion at the latest investment.