Before going public, Flipkart completes a reverse flip to India.

According to ET, which cited persons with knowledge of the situation, e-commerce platform Flipkart has finished its reverse flip, moving its headquarters back to India from Singapore. The National Company Law Tribunal had approved the Walmart-owned business in December, but it was still awaiting central government approval in accordance with Press Note 3 regulations. Now that the reverse flip is finished, the online retailer may proceed with its intentions to list in India.As part of the process, Flipkart has already started meeting with merchant bankers. As it gets ready for the prospective IPO, it hopes to file its draft prospectus later this year.

Flipkart is able to align its corporate structure with its main business operations, which are mostly based in India, and move its holding company domicile there thanks to the reverse flip. As it gets ready for a possible public listing, the company has previously stated that the change was a part of a larger effort to streamline its organizational structure. The procedure entails local group structure consolidation and the transfer of ownership of the foreign holding entity to an Indian entity.Several Singapore-incorporated companies with operations in fashion, logistics, and payments will be combined into Flipkart Internet, the operating entity with its headquarters located in Bengaluru, as part of the previously described restructuring. The group's main holding company in India will be Flipkart Internet, which will merge with the Singapore-based holding firm in the next phase.