Walmart, the US-based parent company of Flipkart, is assessing the best time to launch an IPO and laying the groundwork to make it happen. Additionally, the company has highlighted its dedication to the Indian market.
“We are looking at and exploring when will be the right time to IPO that business (Flipkart),” said Walmart’s international president and CEO Kath McLay, Indian Retailer Bureau reported. “But now there’s strong growth both in Flipkart and in PhonePe, and we’re excited about the India market.”
Flipkart is now in the process of relocating its headquarters from Singapore to India in anticipation of a potential initial public offering (IPO). Flipkart saw double-digit growth in the most recent quarter, according to Walmart as well, according to ET Tech. John David Rainey, the company’s chief financial officer, made this observation during an analyst call. For the last two quarters, Myntra, Flipkart’s fashion division, has turned a profit before interest, taxes, depreciation, and amortisation.
In order to capitalise on the explosive expansion of the Indian internet market, Walmart paid roughly US $ 16 billion to acquire the Flipkart company in 2018. The US-owned Amazon India is Flipkart’s primary rival in India, but domestic companies are also making significant inroads into the e-commerce space. Reliance Industries Limited and Tata Group, for example, both operate a variety of online platforms, including Tata Cliq and Ajio.
