Philip cart, gave Owned The Indian e -commerce startup, which closely fights Amazon in the South Asian market, is preparing to move its headquarters back from Singapore to India. Prepares to file for IPO Indian stock exchanges.
On Monday, Philip Cart said that the move “represents the natural evolution, which in harmony with our fundamental tasks, the widespread potential of the Indian economy.”
The e -commerce devote, who launched its operations in Bangalore in 2007, moved his headquarters in 2011 to attract more foreign investment, benefit from tax benefits, and to improve bureaucratic barriers and political challenges in India in 2011.
“As a company born in India, this transfer will further enhance our focus and focus on participating in the country’s growing digital economy and business capabilities in the service of our customers, sellers, partners and communities,” a Philip Cart spokesperson said in a statement.
Startup said, without disclosing a specific timeline, the relocation is subject to the desired approval. However, it is expected that Philip Kart will file for the IPO in the country at some point next year.
In 2022, Walmart -backed phonep, who was separated from the flip cart at the end of 2022, Transferred to his headquarters India from Singapore several other startups, including Zipato And GROwwwIn the past few months, his headquarters have been transferred to India as they have sought public listings on Indian stock exchanges.
However, India’s current public market environment Not as charming as it was by the end of the previous yearSince the market is undergoing some reforms and is affected by macro conditions. The volume of the $ 70 billion equity deal in India last year is about $ 19 billion worth of IPOs, with an equity deal more than $ 500 million, more than $ 500 million. Report By Goldman Sex.
Nevertheless, investors are optimistic about the potential for growth in the Indian market, as many companies are waiting for the public to go to the public this year and next year.
“The auxiliary diagnostic environment has promoted activity,” said Sudhan Ram Krishnan, co -head of India’s investment banking in Goldman Sax. Many unicorn who was thinking about going to the public in the United States, changed to India because they felt that India had a better diagnosis. “
The latest move of Philip Kart also comes almost a year later To collect 350 million from Google As part of a funding round of about $ 1 billion, which was launched in 2023. In the last investment, the beginning was worth $ 36 billion.