Flipkart IPO: NCLT permits restructuring, clears path for public listing; what we know so far

Flipkart IPO: The National Company Law Tribunal (NCLT) has cleared the merger of eight Flipkart entities. This takes the e-commerce giant a step closer to obtaining an Indian domicile ahead of its potential public listing.

The tribunal has sanctioned the Scheme of Amalgamation involving eight Singapore-incorporated transferor companies merging into Flipkart Internet Private Limited, the Bengaluru-based operational arm.

Flipkart will now need a clearance from the Singapore court before the proceeding is taken up by the Registrar of Companies (RoC).

This major corporate restructuring, detailed in a 66-page order, marks a significant milestone for the Walmart-owned group and moves it closer to launching a long-anticipated initial public offering (IPO) in India.

The eight Singapore-based companies — Flipkart Health Private Limited, Flipkart Marketplace Private Limited, FK Myntra Holdings Private Limited, Flipkart Investments Private Limited, Quickroutes International Private Limited, Flippay Private Limited, Flipkart Private Limited and Klick2Shop Logistics Services International Private Limited — will merge their entire businesses and shareholdings into Flipkart Internet Private Limited.

In its order, NCLT said, "The Scheme will result in simplifying and unifying the holding structure of the Group, with reduction of shareholding tiers and also demonstrate the direct commitment to, and engagement of, shareholders in India."

For an IPO, investors typically prefer dealing with a single, clearly structured entity. Like many global firms, Flipkart previously operated through multiple overseas holding companies to manage investments and subsidiaries.

By consolidating its foreign assets and liabilities under the Indian operating company, Flipkart simplifies valuation and compliance processes, making itself more attractive to public investors and regulators such as the Securities and Exchange Board of India (SEBI).

Flipkart financials

Walmart-owned e-commerce giant Flipkart India Pvt Ltd reported widening of consolidated losses to ₹5,189 crore in the financial year 2024-25, as compared to ₹4,248.3 crore in FY24, PTI reported, citing data accessed by business intelligence platform Tofler.

The company posted a 17.3% surge in consolidated revenue from operations to ₹82,787.3 crore in the year ended March 2025 as against ₹70,541.9 crore in the previous fiscal year.