 "Flipkart plans IPO within 12-15 months, prepares to shift base to India")
India’s largest e-commerce platform Flipkart, valued at $36 billion, is gearing up for an initial public offering (IPO) within the next 12 to 15 months, according to a report by The Economic Times.
This development could result in one of the most significant listings by a new-age company in India, showcasing the nation’s rise as one of the world’s largest startup ecosystems.
The Walmart-owned company has secured internal approvals to shift its domicile from Singapore to India, an essential step toward the IPO. The public offering is expected to take place by the end of 2025 or early 2026, the report said.
Flipkart’s move follows the successful public listings of companies like Zomato, Nykaa, and Swiggy, which have fuelled investor enthusiasm for consumer internet firms.
Recent performance
>Fundraising success: Flipkart raised close to $1 billion in 2024, including $350 million from Google
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Shifting base to India
Flipkart Pvt Ltd, based in Singapore, operates through various subsidiaries in India, managing its marketplace, logistics, payments, and other business segments.
Relocating its holding company to India aligns with Flipkart’s long-term market strategy. Similar moves by startups like PhonePe and Zepto have highlighted the growing appeal of domestic listings, driven by favourable valuations and investor familiarity.
Walmart’s confidence in Flipkart
Walmart, which acquired Flipkart in 2018 for $16 billion and owns an 81 per cent stake, remains optimistic about its Indian operations. The US retail giant has invested over $2 billion in Flipkart since 2018 and views the IPO as critical in realising the platform’s potential. In a recent earnings call, Walmart International’s CEO, Kath McLay emphasised Flipkart’s robust growth trajectory and its importance to Walmart’s global strategy, the report said.
India’s booming e-commerce landscape
Flipkart’s evolution from a 2007 online bookstore to a market leader underscores the rapid growth of India’s e-commerce sector. The industry recorded Rs 1 trillion in festive season sales in 2024, with Flipkart retaining its dominant position despite stiff competition from rivals like Amazon.
Beyond e-commerce
Flipkart has expanded into payments, advertising, and fast deliveries to diversify its business. The launch of its UPI payments app, Super.money, is an example of its broader ambitions to create multiple revenue channels.