Flipkart IPO: India’s major e-commerce company Flipkart, which is owned by US-owned Walmart, has increased its IPO valuation by a third internally. According to a report, the new value of Flipkart IPO will be around $60-70 billion. The company is also planning its listing in U.S. markets in 2023, rather than this year, according to sources cited by the report. The timeline rethinking has more than one reason, the sources said.
According to the Reuters report, Flipkart, the Indian e-commerce platform that competes with Jeff Bezos’ Amazon in the country with a thriving e-commerce space, had previously set an IPO valuation target of $50 billion. “The main reason for waiting for the IPO is Flipkart’s internal plan to further boost valuations by focusing on two of its relatively new businesses – online healthcare services and travel bookings,” the report said, citing two individuals as saying. direct knowledge of the matter.
Other sources familiar with the development also confirmed that the ongoing global volatility caused by the conflict between Russia and Ukraine also led the Indian giant to reconsider its IPO timeline. Flipkart IPO is set to open earlier this year.
In 2021 Flipkart had acquired the travel booking platform Cleartrip.
Read all the latest news, breaking news and IPL 2022 Live Updates here.