This move is likely in preparation for an initial public offering (IPO) shortly. Flipkart, controlled by Walmart, will follow PhonePe, which completed its reverse flip in December 2022, incurring significant tax liabilities. Flipkart’s tax implications for the move will depend on its valuation, which was last pegged at $33 billion. This shift follows a trend seen with other companies like Groww, KreditBee, Pine Labs, Razorpay, Meesho, Eruditus, and Zepto.