MUMBAI, March 10, 2026, 21:49 IST
Flipkart, Walmart’s e-commerce operation in India, has relocated its holding company from Singapore to India, removing a major obstacle ahead of a domestic IPO. With this shift, the American retail giant edges forward in extracting value from what ranks among its largest international investments.
Timing could be key here. Walmart heads into 2026 wary about the mood among U.S. consumers, just as India keeps luring private investment and regulators loosen some listing rules. An initial public offering, or IPO, marks a company’s first appearance on the stock market. Listing locally would hand Walmart a more straightforward way to unlock Flipkart’s value on its home turf, where the company is still battling Amazon for expansion.
Flipkart has wrapped up its redomiciliation, bringing the holding company’s legal base back to India, a move the firm described as a “significant milestone.” With the internal shakeup done, Flipkart Internet Private Limited is now at the top as group holding entity. TechCrunch
Back in 2018, Walmart shelled out $16 billion to take control of Flipkart. Dan Bartlett, executive vice president for corporate affairs at Walmart, told Reuters last year that the company was eyeing public debuts for both Flipkart and PhonePe “over the next couple of years.” Reuters
India figures heavily in Walmart’s payments ambitions. PhonePe—Walmart’s digital payments arm—is now eyeing a $9 billion to $10.5 billion IPO valuation, according to sources speaking with Reuters last week. The platform, which faces off against Google Pay and Paytm, processed close to 10 billion out of India’s 21.7 billion January UPI transactions, dominating the country’s real-time payments scene.
Stateside, signals are less clear. Last month, new CEO John Furner noted that households making under $50,000 remain financially pinched, even as Walmart’s e-commerce business kept notching double-digit gains. Over at Fitch, analyst David Silverman pointed out that Walmart’s immense scale and logistics give it a bigger runway to capture further e-commerce growth.
On Wall Street, Walmart’s getting lumped in these days with the tech-forward crowd rather than the old-school big-box names. UBS’s Michael Lasser pointed to former Amazon exec David Guggina coming onboard as proof the company isn’t the same retailer it was ten years ago. Meanwhile, Evercore ISI’s Greg Melich said investors have already set a “high bar” for Walmart. Reuters
This is part of the reason India has taken on greater significance. According to a McKinsey and IVCA survey out Tuesday, 31% of limited partners now pick India as their number one private-market spot in Asia-Pacific. Neha Grover at IFC pointed to India’s steady track record for profitable exits, thanks in part to a more robust IPO pipeline.
The window isn’t exactly flung open. So far this year, just five IPOs have hit India’s primary market by Feb. 25—half the number from the same period last year. The rupee has already lost 1.9% against the dollar in 2026. Capital gains taxes continue to bite, investors in Mumbai pointed out Tuesday. Amit Chandra, managing director at 57 Stars, described those taxes as “capping returns.” Reuters
Flipkart has settled on the structure, but the valuation question remains open. The company is targeting an early-2027 IPO, though there’s more work ahead before any numbers get pinned down. Walmart shares ticked up roughly 0.8% in U.S. trading Tuesday. The tougher challenge will be getting investors to put a price tag on Walmart’s India business.
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