FLIPKART, an Indian e -commerce start -up owned by Wal -Mart, who fights with Amazon in the South Asian market, is preparing to switch from Singapore to India as the company is preparing to submit an IPO to the Indian securities exchange.
Flipkart said on Monday’s movement, “We have the evolution of nature by matching our landscape structure, consistent with the vast potential of the Indian economy.
In 2007, the e -commerce company, which began operating in Bengal Lulu, moved its headquarters to Singapore in 2011, attracting more foreign investment and benefiting tax benefits, and better exploring Indian bureaucracy and political challenges.
FLIPKART spokesman said, “As a company born and nurtured in India, this transition will further improve our focus and agility in providing services to customers, sellers, partners and communities, allowing them to continue to contribute to the digital economy and entrepreneurship of the country.”
This relocation is said to be approved for essential time without disclosing a specific timeline. However, FLIPKART is expected to submit an IPO someday next year.
In 2022 and in late 2022, Wal -Mart’s phone, which was divided by Flip Kart, moved its headquarters from Singapore to India. Some other new companies, including ZEPTO and Groww, have also moved their headquarters to India for the past few months in search of a public list of the Indian securities exchange.
However, India’s current public market environment is not attractive until the end of last year because the market is affected by some modifications and macro conditions. The IPO recorded about $ 19 billion of the $ 7 billion record reached in India last year, and 11 iPOSs reached $ 500 million, according to Goldman Sachs report.
Nevertheless, investors are optimistic about the growth potential of the Indian market because they are waiting for this year and the next year.
“The support evaluation environment has stimulated the issuer activity.”
FLIPKART’s latest movements have been estimated to be $ 36 billion in the last investment, almost a year after raising $ 350 million in Google as part of nearly $ 1 billion in financing in 2023.
