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
Kansai Nerolac tests paint in stratosphere for durability proof
Excel Everlast sent to 86,000 ft, survives -64°C and extreme UV exposure
MUMBAI: If walls could talk, this one would say it’s been to space and back. Kansai Nerolac has taken product testing to dizzying new heights quite literally by sending its exterior paint into the stratosphere in a bid to prove durability beyond the lab. In what the company calls a first for the Indian paint industry, a stratospheric balloon carried a payload coated with its Excel Everlast paint to an altitude of 86,000 feet above Earth. Up there, conditions are less “extreme weather” and more “near space”: temperatures drop below -64°C, ultraviolet radiation hits unfiltered, and atmospheric pressure is only a fraction of what it is at sea level.
Most materials struggle to survive such a hostile environment. This one didn’t. According to the campaign, the painted surface returned intact no visible damage, no compromise effectively turning a marketing claim into a high-altitude experiment.
The initiative, conceptualised by ULKA, moves away from simulated lab tests to something far more theatrical and verifiable. The campaign film documents the entire journey, positioning the exercise as proof rather than promise.
The test also doubles as a showcase for the Excel Everlast range, which includes features such as nano-silica-based protection, 30 per cent higher toughness and crack-bridging capability, along with a 20-year warranty claims now dramatised under conditions few buildings will ever face.
For Kansai Nerolac, the stunt is less about spectacle and more about signalling intent: in a category often dominated by functional messaging, it’s an attempt to turn durability into something tangible and memorable.
Because when your paint survives near-space, the neighbourhood monsoon suddenly feels like a very small test.
