Flipkart IPO: Flipkart, valued at $36 billion and recognised as India’s premier e-commerce company, has set its sights on going public. According to several individuals familiar with the plans, the organisation is establishing a clear schedule of 12–15 months for its initial public offering (IPO). This forthcoming share issue, anticipated to be the largest by a new-economy company, represents a significant milestone for India’s startup ecosystem, now ranked third globally. Under Walmart’s ownership, the company has received internal clearance to shift its registration from Singapore to India, which is considered essential for the IPO process. Sources informed ET that the company aims to launch its public offering by the end of next year or within 2026’s first quarter.
Flipkart’s IPO is likely to be the first among approximately twelve new-age companies planning to enter the stock market in 2025. This follows the successful market entries of various consumer internet businesses, including Zomato, Nykaa and Swiggy, which have generated substantial interest among retail investors in Indian startups.
The e-commerce leader secured nearly $1 billion in funding this year, with Google contributing $350 million. Although IPO discussions began in late 2021, they were temporarily suspended due to unfavourable market conditions during 2022–23.
At Flipkart, under the leadership of group CEO Kalyan Krishnamurthy, the priority remains enhancing profitability while maintaining growth rates marginally above the industry standard.
Walmart’s October quarter earnings report highlighted Flipkart’s impressive performance, noting double-digit growth during its signature Big Billion Days sale, which positively impacted Walmart’s global revenue.
Industry analysts have calculated that Indian e-commerce achieved Rs 1 lakh crore in gross sales during the festive period this year, with Flipkart retaining its market leadership position during this crucial season.
Established in 2007 as an online bookstore, Flipkart’s parent company is based in Singapore. This was a common practice among prominent startups of that era that established holding companies overseas due to favourable funding conditions and regulatory frameworks.
PhonePe, previously Singapore-based, relocated its domicile to India, resulting in $1 billion in tax benefits for the Indian government. Any potential merger between entities in India and Singapore would trigger tax implications. PhonePe completed its separation from Flipkart in late 2022, subsequently securing external funding from investors, including its primary stakeholder, Walmart.
