Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
Brands
Celsius100 Consulting names Rhys Rufus CEO
Long-time leader steps up as firm bets on continuity to drive next growth phase
BENGALURU: Celsius100 Consulting Private Limited has elevated long-serving leader Rhys Rufus to chief executive officer, marking a leadership shift as the firm prepares for its next phase of growth.
Rufus takes over from founder S Ghosh, who will continue as founder and managing director. In his new role, Ghosh will focus on strategic direction and new business opportunities, while Rufus assumes responsibility for daily operations and growth initiatives.
The appointment caps a 16-year journey for Rufus at the company. Having joined in its early years, he went on to build Celsius100’s digital services arm from scratch, turning it into one of the firm’s fastest-growing verticals. Under his leadership, the company strengthened its capabilities across digital marketing strategy, performance marketing, campaign execution and measurement.
Beyond digital, Rufus has played a key role in shaping the organisation’s talent pool and expanding its client base. He has led business development efforts across India and helped extend the firm’s footprint into the United Kingdom, reinforcing its position as a cross-market consulting partner.
“Rhys has been the backbone of our growth story for 16 years. He built our digital services practice from scratch, assembled a brilliant team, and won the trust of clients in India and the UK. His calm temperament, his deep commitment to quality, and his ability to forge lasting partnerships make him the ideal person to lead Celsius100 into its next chapter. I could not be more confident in this transition,” said Celsius100 Consulting Private Limited founder and managing director S Ghosh.
Rufus struck a reflective note on taking charge. “Celsius100 has been home for the better part of my professional life and I am deeply honoured to take on this responsibility. We have built something unique together over almost two decades, and I look forward to working with our talented team and valued clients to take the company to new heights. Our focus will remain on delivering work that truly transforms our partners’ businesses,” said Rufus.
Colleagues describe Rufus as a steady hand under pressure and a leader who prioritises long-term relationships. His elevation signals a clear bet on continuity, with the company choosing to promote from within rather than look outside for leadership.
As Celsius100 enters its next chapter, the transition reflects both stability and ambition, with a familiar face now steering the firm towards fresh opportunities.
