US Retail Giant Walmart’s Indian E-Commerce Arm Flipkart Open To IPO
- ByStartupStory | June 10, 2021
US retail giant Walmart has said its Indian e-commerce arm Flipkart open to IPO although, there is “no specific timeline” for the share sale. Judith McKenna, Walmart International President and CEO said at the DB Access Global Consumer Conference on June 7. “We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO,” she said regarding the latest development of Flipkart open to IPO. “But if we build a strong business, and we continue to do the things that we need to do to ensure that long-term and sustainable growth, that is a possible route that we would consider in the future, but certainly no specific timeline on that (IPO),” she said.
Walmart Inc owns a majority stake in Flipkart. In July last year, it led a $ 1.2-billion round in Flipkart, valuing the ecommerce firm at $ 24.9 billion.According to sources, SoftBank Group is in discussions with Flipkart to pump in about $ 500-600 million into the Walmart-owned e-tailer. Flipkart open to IPO and is working on launching the same next year. The transaction, which may also see participation from Singapore’s sovereign wealth fund GIC and Canadian pension fund CPPIB, could value Flipkart at $ 30-32 billion, they added.
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