Flipkart IPO ‘very much on the cards’, no timeline for it: Walmart CFO

Flipkart’s is on the cards but there is no timeline for it, said Brett Biggs, executive vice president and chief financial officer of Walmart, the American retailer that owns the Indian e-commerce firm

“The (Flipkart) business is performing almost exactly like we thought it would. An IPO is still very much on the cards for that business,” said Biggs, at the Morgan Stanley Global Consumer & Retail Conference recently. “It’s the timing. Is the business exactly where you want? Is the market right? All those things (we) have to figure into (when) you do an IPO.”

He said the IPO should be about letting Flipkart’s associates have a piece of the business. According to sources, was eyeing a $50-billion valuation through its in the US by next year. This would be the biggest IPO in the consumer tech space in India.


To create an interim event and set the stage, In July this year, Group carved a niche for itself in the global league by raising $3.6 billion, including from SoftBank, which had exited the firm, valuing the company at $37.6 billion, which is more than a 50 per cent rise in a year.


Last year in July, Walmart led a $1.2-billion round in Flipkart, valuing the e-commerce firm 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 online retail market through Flipkart, which it bought for $16 billion in 2018. India’s online market is projected to soar to $1 trillion in the next few years.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x