New Delhi [India] April 22 : Flipkart, India's leading e-commerce platform has decided to relocate its holding company from Singapore to India.
Speaking on this development, a Flipkart spokesperson said, "This strategic decision reflects our deep and unwavering commitment to India and its remarkable growth. We are inspired by the Government of India's strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey."
The home-grown e-commerce platform was founded in 2007 by Sachin Bansal and Binny Bansal, two IIT graduates, as an offline bookstore. It expanded and became a leading player in the Indian e-commerce market before being acquired by American retail giant Walmart in 2018 for USD 16 billion. The valuation of the company in 2018 was nearly USD 20 billion.
On relocating to India, Flipkart's statement further says, "This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India."
Flipkart has over 100 million registered users, over 100 thousand sellers, and over 21 state-of-the-art warehouses across India. The e-commerce platform sees over 10 million page visits and over 8 million shipments per month. Currently, Flipkart works as a subsidiary of Walmart.
Flipkart has subsidiaries like Myntra, eBay, Ekart, Jeeves, to name a few. Flipkart says the relocation will help the company to enhance its focus and agility in serving Indian customers but adds that the relocation is subject to requisite regulatory approvals
"As a company born and nurtured in India, this transition will further enhance our focus and agility in serving our customers, sellers, partners, and communities to continue contributing to the nation's growing digital economy and entrepreneurship. We are excited by the opportunities ahead and reaffirm our long-term confidence in India's future." said Flipkart statement
Recently Flipkart has started a hyperlocal 90-minute delivery service termed Flipkart Quick in services in few cities across categories including grocery, mobiles, electronics, and home accessories. The venture introduced items like fresh fruits and vegetables, as well as meats and milk on its platform.
According to studies, the online retail industry market in India, is of a size of around USD 60 billion and it is estimated to reach USD 200 billion by the year 2026.
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