Mumbai
Walmart-owned e-commerce company Flipkart is preparing to return home in India. Flipkart, one of the country’s major e-commerce companies, is now bringing its headquarters back to India from Singapore after operating in Singapore for many years as it is preparing to bring an IPO in the Indian stock market next year.
Flipkart released the statement on Tuesday
In this regard, Flipkart said in a statement on Tuesday that it will set up its headquarters from Singapore in India. This step can be seen as a step towards potential public lifting in the country. Its native company Walmart is aiming to make the 17 -year -old company public. Currently the headquarters of Flipkart is located in Singapore.
The company said that this change as a India -born and development company would further increase our attention and readiness in serving our customers, vendors, partners and communities, to continue the country’s growing digital economy and entrepreneurship. Now India’s digital economy is getting stronger and investors’ interest in domestic technical form is increasing, due to which Flipkart has decided to return to India.
Flipkart started in India
Would like to say that Flipkart started in Bangalore in 2007 but in 2011, the company shifted its head office to Singapore due to many important points like attracting foreign capital, taking advantage of tax benefits. Sachin Bansal and Biny Bansal together started Flipkart as an online book store, which is one of the largest e-commerce companies in India today. This company is competing with other big players in the e-commerce sector like Amazon etc.
It is noteworthy that American retail legend Walmart gained 81 per cent stake in Flipkart in 2018. Instead, he paid $ 16 billion. Walmart currently holds 85 per cent stake in Flipkart.
