IPO-bound ecommerce market Flipkart has accomplished its reverse flip to India, relocating its holding firm domicile from Singapore after securing the required approvals from the Indian authorities.

In an announcement, the corporate mentioned, “Flipkart has acquired Authorities of India approval for its inner restructuring, pursuant to which Flipkart Web Non-public Restricted is now the holding entity of the Flipkart group. This completes the redomiciliation of the Flipkart group to India, a big milestone that displays our deep and long-term dedication to India.”

The reverse flip had earlier acquired approval from the Nationwide Firm Legislation Tribunal (NCLT) in December. Nonetheless, the corporate was additionally required to acquire central authorities clearance underneath the Press Observe 3 guidelines, which regulate investments from nations sharing land borders with India.

As a part of the restructuring, Flipkart’s India entity will merge with a number of Singapore-based subsidiaries together with Flipkart Well being Pvt Ltd, QuickRoutes Worldwide Pvt Ltd, Flipkart Market Pvt Ltd and FK Myntra Holdings Pvt Ltd. These entities home companies throughout trend, logistics and different verticals.

The method will finally see the Singapore-based holding firm folded into Flipkart Web Pvt Ltd, the Bengaluru-headquartered working entity, which can now function the group’s principal holding firm in India. The restructuring is geared toward simplifying Flipkart’s company construction and aligning it extra carefully with its core enterprise operations in India.

“We’re grateful to the Authorities of India for its assist and stay up for the subsequent section of Flipkart’s development as a completely Indian-domiciled firm,” the corporate mentioned.

Flipkart had initially shifted its domicile to Singapore in 2011 to draw international capital, a transfer extensively adopted by Indian startups on the time. Nonetheless, corporations searching for to checklist on home inventory exchanges have more and more been reversing that construction. Startups resembling Meesho and Groww have additionally redomiciled to India forward of their public listings.

The reverse flip clears the best way for Flipkart to speed up preparations for its proposed IPO. The corporate has reportedly begun discussions with a number of funding banks together with Goldman Sachs, Kotak Mahindra Capital, Morgan Stanley and JP Morgan, and is anticipated to file its draft prospectus later this 12 months.

Flipkart has raised over $10 billion in funding to this point and counts Walmart as its largest shareholder, which holds almost four-fifths of the corporate. Different buyers embody Google, SoftBank, Qatar Funding Authority, Microsoft and Tencent.