From marketplace to market: Flipkart gears up for Nasdaq listing in 2018

Move is seen as Fixel's effort to cash his investment in Flipkart, first made in 2010

E-commerce marketplace Flipkart has hired one of the Big Four audit firms to prepare for its initial public offering (IPO) on the Nasdaq.

The consultant had begun due-diligence, which would last 18-24 months, people familiar with the development said. A Flipkart spokesperson declined to comment.

Flipkart co-founder Binny Bansal, who was elevated as group chief executive officer (CEO) on Monday, said in a mail to employees that one of his key tasks was to see the IPO through. Bansal was replaced as CEO by Kalyan Krishnamurthy, an aide of Lee Fixel, founder of Tiger Global, the largest investor in Flipkart.