Flipkart will shift its holding company from Singapore to India, the e-commerce company said on Tuesday, as its parent Walmart aims to take the 17-year-old company public. Many Indian startups that once chose to be based abroad for better access to capital and smaller tax bills are now queuing to return home from financial hubs such as Singapore and the U.

The Trump administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125bn ecommerce market, as part of a trade deal being negotiated under the threat of increased tariffs.

The change is a strategic step towards integrating its holding framework with its principal business activities.