NEW DELHI: Flipkart, India’s largest e-commerce company and a subsidiary of Walmart, is gearing up for an Initial Public Offering (IPO) in the next 12 to 15 months. Currently valued at $36 billion, this IPO is poised to be the largest ever by an Indian new-economy company.
To complete the critical step to meet regulatory requirements, Flipkart has secured internal approval to shift its domicile from Singapore to India. This long-anticipated IPO was first discussed in 2021. It faced delays due to volatile market conditions.
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Recent successes of startup IPOs like Zomato and Nykaa have bolstered confidence, prompting Flipkart to proceed with its plans.
The domicile shift underscores Flipkart’s commitment to the Indian market, leveraging local tax benefits and favorable policies. The company is doubling down on investments in supply chain infrastructure, logistics, and technology to maintain its edge against competitors like Amazon. The timing aligns with India’s growing momentum in tech IPOs and a thriving digital economy.
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In 2024, Flipkart raised nearly $1 billion, including a major investment from Google. Walmart, which acquired a majority stake in Flipkart in 2018, has poured over $2 billion into the company, including $600 million this year. Despite reporting a loss of ₹2,358 crore on revenue of ₹17,907 crore in FY 2023-24, Flipkart remains a formidable player in India’s e-commerce landscape.
The Indian e-commerce industry hit a record ₹1 lakh crore in gross sales in December 2024. Analysts point to the success of global counterparts like South Korea’s Coupang as evidence of public markets’ appetite for e-commerce giants.
Flipkart’s dominant market position and robust growth trajectory make it a strong contender for a blockbuster IPO.
The IPO is expected to debut by late 2025 or early 2026. Once listed, Flipkart will join the ranks of leading Indian internet companies like Zomato, Nykaa, Swiggy, Paytm, and PB Fintech.