Flipkart, Walmart-owned Indian e-commerce startup, which is closely fought against Amazon in the South Asian market, is preparing to bring its headquarters back to India because of preparing for the IPO on Indian stock exchanges.
On Monday, Flipkart said that this step “represents a natural evolution, with our main operations, with the huge potential of the Indian economy.”
The e-commerce giant, which began its operation in Bengaluru in 2007, transferred to Singapore to attract more foreign investment in Singapore, benefit from tax benefits and bureaucratic barriers and political challenges in India to better navigate.
A spokesman for Flipkart said in a statement, “As a company born and reared in India, this transformation will further enhance our focus and promotion to our customers, vendors, partners and communities to continue the country’s growing digital economy and entrepreneurs.”
Subject to the required approval of the transfer, the startup said without releasing any specified timeline. However, Flipkart is expected to file an IPO in the country some time next year.
In 2022, the Walmart-supported phonepay, which was divided by Flipkart in the end of 2022 and moved from Singapore to India. Several other startups, including Jepto and Groo, have also sought a public list on Indian stock exchanges, as their headquarters have been transferred to India in the last few months.
However, the current public market environment in India is not as interesting as last year, as the market is corrected some and is affected by the macro conditions. IPOs made about $ 19 billion in the amount of $ 70 billion equity contract in India last year, $ 1100 million per IPO is over $ 500 million per one per one Report By the Goldman Shutch.
Nevertheless, investors are optimistic about the possibility of growth in the Indian market, as several companies are waiting for the public this year and later.
“Acceptable evaluation encouraged environmental issues. Many unicorn who was thinking of approaching the United States had gone to India because they felt that India supported better evaluation,” Goldman Shutch’s India’s co-chief Ramakrishnan said.
The latest step in Flipkart has increased $ 350 million from Google for about a year as part of a $ 350 million dollar, which began in 2021. The launch of the last investment is worth $ 36 billion.