Flipkart has completed its corporate "reverse flip," moving its domicile from Singapore back to India as it prepares for a domestic public listing. This required government approval due to Chinese investor Tencent's stake.
Bharti Airtel's data centre arm, Nxtra Data, is planning to raise $1 billion to scale its capacity, with Alpha Wave Global expected to join the funding round alongside existing investors.
Cars24's top executive for its India used-cars business, Himanshu Ratnoo, has stepped down. This leadership change is significant as the division accounts for over half of the company's business ahead of a potential IPO.
New US policies are expected to sharply reduce H-1B visa applications this year, and Tencent is reportedly in talks to join a Paramount-Warner Bros streaming joint venture.
Main Topics: Flipkart's domicile shift and IPO preparation; Airtel's Nxtra Data fundraising; Cars24 executive departure; US H-1B visa policy changes; Tencent's potential media deal.
Flipkart flips back to India; Airtel's data centre play
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As it readies to hit the bourses, Flipkart has moved its domicile back from Singapore to India. This and more in today's ETtech Top 5.
Also in the letter:
■ Cars24 top exec quits
■ US policy to impact H-1B applications
■ Tencent in Paramount-Warner Bros deal
Flipkart has completed its reverse flip, shifting its corporate domicile from Singapore to India as it prepares for a domestic public listing, sources told us.
What's happening?
The move follows approval from the National Company Law Tribunal (NCLT) in December. The company was also awaiting clearance from the central government under Press Note 3 regulations.
Jargon buster: Press Note 3, introduced in 2020, requires government approval for investments from countries sharing a land border with India.
Since Tencent, a Chinese internet major, holds about 5-6% of Flipkart, the government’s nod was necessary before the Singapore parent entity could merge into the Indian entity.
Tell me more: Under the new structure, Singapore-based entities (including Flipkart’s parent) will merge into Flipkart Internet Private Limited.
The restructuring covers multiple businesses within the group, including:
The move comes as Flipkart streamlines operations ahead of the public market debut. ET was the first to report that the company had asked 400-500 employees to exit following performance reviews, affecting teams across operations, engineering, and marketing.
Also Read: IPO-bound Flipkart explores food delivery launch
Flipkart has also reinstated Nishant Verman as senior vice president (SVP), according to people familiar with the matter.
In his new role, Verman will oversee corporate development, investor relations, and capital markets strategy tied to the IPO.
Before launching his own venture in 2020, Verman worked in Flipkart’s corporate development team and played a key role in the company’s $16 billion sale to Walmart in 2018.
Bharti Airtel's data centre arm, Nxtra Data, is planning to raise $1 billion to scale its capacity toward the gigawatt level, as demand for AI and cloud infrastructure accelerates.
Sheikh Tahnoon bin Zayed Al Nahyan’s investment firm Alpha Wave Global is expected to join the round alongside Airtel and Carlyle.
More on the round:
Background: Airtel spun off Nxtra Data in 2020 and later sold a 24% stake to Carlyle in 2021 for $235 million, valuing the business at about $1.2 billion.
In April 2024, ET reported that Alpha Wave Global was exploring a purchase of Carlyle’s stake for about $600 million, competing with DigitalBridge Group. Carlyle later decided to stay invested and increased its exposure as demand surged.
What else?
Nxtra is also expected to pursue a public listing in the coming years.
Cars24 top executive Himanshu Ratnoo stepped down from his role, according to an internal email from cofounder and CEO Vikram Chopra, reviewed by ET.
Snapshot: Ratnoo joined Cars24 as vice president in 2020 and was elevated to the India used-cars CEO role in 2024. Before joining the company, he worked at logistics tech startup Blackbuck.
The India used-cars division accounts for more than half of Cars24’s overall business, making the leadership change significant as the company prepares for a potential public listing.
Verbatim: In his note to employees, Chopra said the India used-cars leadership team will report directly to him for now.
He added that Cars24 has navigated the volatility of recent years and is “entering a new phase of institutional growth”.
The company recently turned profitable and has set a target of Rs 1,000 crore in Ebitda over the next two years, he said.
Financials:
Also Read: Cars24 plans to go public in next 12 months: CEO Vikram Chopra
Applications for H1-B visas could drop sharply this year as new US policy changes raise costs and tighten selection rules, immigration experts said.
What's happening? The Trump administration has introduced measures, including a $100,000 fee for new petitions and a wage-based selection system that replaces the traditional lottery.
Registrations for FY26 opened on March 4 and close on March 19. Historically, hundreds of thousands of applicants compete for 85,000 visa slots.
IT firms face impact: VisaNation's Shilpa Malik estimates filings could fall to 250,000–300,000, down from about 400,000 in FY25.
Lower application volumes are expected to hit IT outsourcing firms and entry-level hiring the hardest.
Shift to senior roles: Many employers, including big tech, are likely to prioritise high-wage, specialised positions, trading volume for higher approval odds.
Some startups, including Sentient Labs and Qodex.ai, have already said they will avoid sponsoring H-1B visas due to rising costs and policy uncertainty.
Chinese investor Tencent is looking to invest several hundred million dollars in Paramount’s acquisition of Warner Bros, acting as a passive investor, Bloomberg reported.
Tell me more: In the Warner Bros. deal, which saw Netflix competing until very recently, Paramount’s December offer included a $1 billion equity commitment from Tencent. However, that was withdrawn after Warner Bros. expressed concerns that the Chinese company's involvement could pose national security issues.
The Chinese major already holds a minority non-voting stake in Paramount.
The details: After Paramount increased and amended its bid, Warner Bros consented to sell to the David Ellison-led company for $110 billion.
Sources said Tencent might still decide not to invest, adding that the deal could take some time to be completed.
Also in the letter:
■ Cars24 top exec quits
■ US policy to impact H-1B applications
■ Tencent in Paramount-Warner Bros deal
Exclusive: Flipkart completes reverse flip; shifts domicile from Singapore to India ahead of IPO
Kalyan Krishnamurthy, CEO, FlipkartFlipkart has completed its reverse flip, shifting its corporate domicile from Singapore to India as it prepares for a domestic public listing, sources told us.
What's happening?
- The restructuring clears a key hurdle for Walmart-owned ecommerce giant to pursue an IPO in India.
- Flipkart has begun engaging with merchant bankers and aims to file its draft prospectus later this year.
The move follows approval from the National Company Law Tribunal (NCLT) in December. The company was also awaiting clearance from the central government under Press Note 3 regulations.
Jargon buster: Press Note 3, introduced in 2020, requires government approval for investments from countries sharing a land border with India.
Since Tencent, a Chinese internet major, holds about 5-6% of Flipkart, the government’s nod was necessary before the Singapore parent entity could merge into the Indian entity.
Tell me more: Under the new structure, Singapore-based entities (including Flipkart’s parent) will merge into Flipkart Internet Private Limited.
The restructuring covers multiple businesses within the group, including:
- Logistics arm Ekart
- Fashion retailer Myntra
- Fintech platform Super.money
- Online travel agency Cleartrip
- Flipkart Health
The move comes as Flipkart streamlines operations ahead of the public market debut. ET was the first to report that the company had asked 400-500 employees to exit following performance reviews, affecting teams across operations, engineering, and marketing.
Also Read: IPO-bound Flipkart explores food delivery launch
Flipkart brings back Nishant Verman to aid IPO push
Nishant Verman, SVP, FlipkartFlipkart has also reinstated Nishant Verman as senior vice president (SVP), according to people familiar with the matter.
In his new role, Verman will oversee corporate development, investor relations, and capital markets strategy tied to the IPO.
Before launching his own venture in 2020, Verman worked in Flipkart’s corporate development team and played a key role in the company’s $16 billion sale to Walmart in 2018.
Airtel lines up $1 billion investment for data centre arm Nxtra, to rope in Alpha Wave Global
Bharti Airtel's data centre arm, Nxtra Data, is planning to raise $1 billion to scale its capacity toward the gigawatt level, as demand for AI and cloud infrastructure accelerates.
Sheikh Tahnoon bin Zayed Al Nahyan’s investment firm Alpha Wave Global is expected to join the round alongside Airtel and Carlyle.
More on the round:
- Airtel and Carlyle are expected to invest $300 million each.
- Alpha Wave Global will invest $400 million as a new investor.
- Capital will be raised through a rights issue and preferential allotment.
- Funds will be used to expand Nxtra’s data centre footprint and compete with Reliance, Adani, Tata and Larsen & Toubro in India’s digital infrastructure race.
Background: Airtel spun off Nxtra Data in 2020 and later sold a 24% stake to Carlyle in 2021 for $235 million, valuing the business at about $1.2 billion.
In April 2024, ET reported that Alpha Wave Global was exploring a purchase of Carlyle’s stake for about $600 million, competing with DigitalBridge Group. Carlyle later decided to stay invested and increased its exposure as demand surged.
What else?
- The fundraise coincides with Airtel’s plan, alongside Google and the Adani Group, to develop a $15 billion gigawatt-scale AI hub and data centre complex in Visakhapatnam.
- The facility will host Google’s TPUs for training and running large AI models, while Airtel provides connectivity and fibre infrastructure.
Nxtra is also expected to pursue a public listing in the coming years.
Cars24's India used-cars CEO Himanshu Ratnoo quits amid company's IPO plans
Himanshu Ratnoo, former CEO, Cars24Cars24 top executive Himanshu Ratnoo stepped down from his role, according to an internal email from cofounder and CEO Vikram Chopra, reviewed by ET.
Snapshot: Ratnoo joined Cars24 as vice president in 2020 and was elevated to the India used-cars CEO role in 2024. Before joining the company, he worked at logistics tech startup Blackbuck.
The India used-cars division accounts for more than half of Cars24’s overall business, making the leadership change significant as the company prepares for a potential public listing.
Verbatim: In his note to employees, Chopra said the India used-cars leadership team will report directly to him for now.
He added that Cars24 has navigated the volatility of recent years and is “entering a new phase of institutional growth”.
The company recently turned profitable and has set a target of Rs 1,000 crore in Ebitda over the next two years, he said.
Financials:
- For the September quarter, Cars24 had reported an adjusted net revenue of Rs 651 crore.
- Financing has emerged as a key growth engine, with global loan disbursals rising 38% year-on-year to Rs 1,637 crore.
Also Read: Cars24 plans to go public in next 12 months: CEO Vikram Chopra
US policy changes could cut H-1B visa applications sharply: Experts
Applications for H1-B visas could drop sharply this year as new US policy changes raise costs and tighten selection rules, immigration experts said.
What's happening? The Trump administration has introduced measures, including a $100,000 fee for new petitions and a wage-based selection system that replaces the traditional lottery.
Registrations for FY26 opened on March 4 and close on March 19. Historically, hundreds of thousands of applicants compete for 85,000 visa slots.
IT firms face impact: VisaNation's Shilpa Malik estimates filings could fall to 250,000–300,000, down from about 400,000 in FY25.
- Tata Consultancy Services and Infosys were among the top H-1B employers as of December 31, 2025, according to the USCIS H-1B Employer Hub.
- Indian nationals accounted for about 71% of approved visas in FY24, making them the programme’s biggest beneficiaries.
Lower application volumes are expected to hit IT outsourcing firms and entry-level hiring the hardest.
Shift to senior roles: Many employers, including big tech, are likely to prioritise high-wage, specialised positions, trading volume for higher approval odds.
Some startups, including Sentient Labs and Qodex.ai, have already said they will avoid sponsoring H-1B visas due to rising costs and policy uncertainty.
Tencent is said to be back on Paramount-Warner Bros deal with fresh funding
Chinese investor Tencent is looking to invest several hundred million dollars in Paramount’s acquisition of Warner Bros, acting as a passive investor, Bloomberg reported.
Tell me more: In the Warner Bros. deal, which saw Netflix competing until very recently, Paramount’s December offer included a $1 billion equity commitment from Tencent. However, that was withdrawn after Warner Bros. expressed concerns that the Chinese company's involvement could pose national security issues.
The Chinese major already holds a minority non-voting stake in Paramount.
The details: After Paramount increased and amended its bid, Warner Bros consented to sell to the David Ellison-led company for $110 billion.
Sources said Tencent might still decide not to invest, adding that the deal could take some time to be completed.
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