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Flipkart Moving From Singapore To India?

Flipkart Moving From Singapore To India?

Flipkart which a major online shopping platform owned by Walmart. It is known that it is thriving to compete with Amazon in India. 

The latest update is that it is reportedly considering moving its headquarters from Singapore back to India. 

This move is part of its plan for an IPO in 2025-2026 aiming for a valuation of around USD 60 billion up from its current value of USD 33 billion.

The economists say that this shift to India is a strategic move by Flipkart to become profitable and tap into India's growing online market. 

They say that it's also expected to bring tax benefits to the Indian government similar to when another Walmart-backed entity, PhonePe, moved to India resulting in significant tax payments by Walmart.

This trend of startups moving back to India reflects a broader pattern driven by regulatory alignment and opportunities in sectors like fintech and e-commerce. 

For example Groww, a competitor to Zerodha, recently relocated its parent company to Bengaluru from the United States.

The e-commerce sector in India is booming, with projections indicating massive growth from $59 billion in 2022 to an estimated $300 billion by 2030. 

This growth is fueled by increased adoption in smaller cities with Flipkart leading the way with events like 'The Big Billion Days' attracting a record 1.4 billion customers.