3 min readNew DelhiDec 17, 2025 09:33 AM IST
First published on: Dec 17, 2025 at 04:26 AM IST
Walmart-owned e-commerce retailer Flipkart could head for its public listing in the Indian market by the end of 2026, and is expecting to receive a key clearance for investments it had received from foreign entities as soon as this week, The Indian Express has learnt.
Last week, Flipkart received a clearance from the National Company Law Tribunal (NCLT) for shifting its domicile from Singapore to India, a key requirement for its restructuring process before the company can go public. The process involves NCLT seeking a view from various government agencies about the company’s various operations, before finally allowing it to flip to India. The Economic Times first reported that the company had received NCLT’s approval to shift its domicile to India.
Simultaneously, the government is also looking at giving Flipkart a clearance as per its Press Note 3, related to the e-tailer’s foreign investments. The Press Note 3 requires that Indian companies receiving foreign investments from countries that share a land border with India, will need to first receive the government’s approval before accepting the investment. The regulation essentially targets Chinese investments in Indian companies. China’s Tencent has a close to 6 per cent stake in Flipkart, due to which it will need the government’s approval for its restricted entity, even though the investments happened before the Press Note 3 in 2020.
“We understand that the Press Note 3 clearance should happen in the next 2-3 days, and once that is done, the company will work on its IPO prospectus. While the board is yet to take a definite call on when to go public, it is expected the IPO could happen towards the end of 2026,” a person aware of Flipkart’s restructuring process said, requesting anonymity.
Queries sent to Flipkart remained unanswered until publication.
Once the company’s restructuring process is complete, multiple Singapore-based entities linked to Flipkart, will flip to India and Bengaluru-based Flipkart Internet Pvt Ltd will become the main entity under which all its operations and other subsidiaries, such as Myntra, will operate.
The person quoted above also said that Flipkart is expecting a smooth clearance process given that it is owned by a marquee American company in Walmart. “Given that Flipkart is majorly held by a major US firm, and with the underlying context of India-US relations, the entire process should be smooth,” they said. Walmart owns a more than 80 per cent stake in Flipkart, and had first invested in the company in 2018, in a $16 billion deal.
In the run up to its public offering, Flipkart has reduced its cash burn, even though it was far from being profitable by the end of financial year 2024-25. It reported a 14 per cent year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025, while cutting down losses by 37 per cent, bringing them below Rs 1,500 crore during the same period.
The apparel-first ecommerce platform Myntra, which Flipkart acquired in 2014, saw its net profit in FY25 jump nearly 18 times to Rs 548 crore from Rs 31 crore in FY24.
Simultaneously, the government is also looking at giving Flipkart a clearance as per its Press Note 3, related to the e-tailer’s foreign investments. 
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