Flipkart’s preliminary public providing (IPO) is on the playing cards however there isn’t any timeline for it, mentioned Brett Biggs, govt vp and chief monetary officer of Walmart, the American retailer that owns the Indian e-commerce agency
“The (Flipkart) enterprise is performing virtually precisely like we thought it might. An IPO remains to be very a lot on the playing cards for that enterprise,” mentioned Biggs, on the Morgan Stanley International Shopper & Retail Convention just lately. “It is the timing. Is the enterprise precisely the place you need? Is the market proper? All these issues (we) must determine into (when) you do an IPO.”
He mentioned the IPO must be about letting Flipkart’s associates have a chunk of the enterprise. In keeping with sources, Flipkart was eyeing a $50-billion valuation by its preliminary public providing (IPO) within the US by subsequent yr. This could be the most important IPO within the shopper tech house in India.
To create an interim occasion and set the stage, In July this yr, Flipkart Group carved a distinct segment for itself within the world league by elevating $3.6 billion, together with from SoftBank, which had exited the agency, valuing the corporate at $37.6 billion, which is greater than a 50 per cent rise in a yr.
Final yr in July, Walmart led a $1.2-billion spherical in Flipkart, valuing the e-commerce agency at $24.9 billion. The world’s largest retailer is battling Amazon India, Reliance’s JioMart and the Tata group for dominance in India’s on-line retail market by Flipkart, which it purchased for $16 billion in 2018. India’s on-line market is projected to soar to $1 trillion within the subsequent few years.