Walmart’s Flipkart Heads Home to India as It Eyes-Up $40B IPO

FomoAnxiety · 2026-03-09T23:37:03+00:00

Walmart's Flipkart has completed its move back to India to pursue a $40 billion IPO, approved by the Indian government. This shift enables Flipkart to list on domestic exchanges and positions it to compete more closely with Amazon in India's e-commerce market.

FomoAnxiety

2026-03-09 23:37:03

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Walmart’s WMT -0.59% ▼ Indian e-commerce firm Flipkart is edging closer to a mega $40 billion IPO by flipping its holding company back to India from Singapore.

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‘Significant Milestone’

Flipkart said it had received the Indian government’s green-light for its restructuring and it has now completed its ‘redomiciliation’ to India. It described the move as a ‘significant milestone’

Flipkart, which started in 2007 by selling books online, moved its holding company to Singapore in 2011. Walmart bought a controlling stake in Flipkart in 2018 for $16 billion.

Flipkart was last valued in 2024 at around $37 billion, when Alphabet’s GOOGL +1.31% ▲ Google picked up a $350 million minority stake in it.

The company is aiming to list in Mumbai before March 2027, though it has yet to firm up its valuation for the IPO or its size. However, analysts expect it to target an around $40 billion valuation.

Closing in on Amazon

Following the return home, Flipkart can now list on domestic exchanges like the Bombay Stock Exchange or National Stock Exchange of India, tapping into investor appetite for homegrown tech firms. Flipkart just hit $30 billion in gross merchandise value, getting closer to Amazon AMZN -1.56% ▼ India with its estimated $35 to $40 billion GMV. Flipkart is reportedly making ground in areas such as mobile and electronics.

Walmart, which owns roughly 75% of Flipkart, is likely to retain majority control even post-IPO. That is because it wants to continue growing its international revenues – see above.

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