Flipkart says IPO in long-term technique, at present centered on driving e-commerce development in India
The assertion comes amid studies that Flipkart, which is locked in an intense battle with US big Amazon for management within the Indian market, is taking a look at tapping into the US fairness market by 2022.
“An IPO has always been part of Flipkart’s ambitions and long-term strategy but right now, we don’t have a time frame on that. Flipkart is currently focused on driving the growth of e-commerce in India to get 200-300 million new customers into e-commerce fold,” a Flipkart spokesperson mentioned in an e-mailed assertion.
Walmart Inc in May final yr had introduced that it’s shopping for 77 p.c stake in Flipkart for about $16 billion (Rs 1.05 lakh crore), its largest deal which is able to give the US retailer entry to an Indian e-commerce market that’s estimated to develop to $200 billion inside a decade.
Walmart noticed its working revenue in worldwide enterprise falling within the first quarter of 2019-20 over the year-ago interval, on account of Flipkart’s inclusion on this yr’s monetary efficiency, amongst different components.
The American retail big, nonetheless, has reiterated that it continues to be dedicated to the Indian market given the massive alternative that the nation presents.
“I continue to be excited about the opportunity I see with Flipkart and PhonePe. I’m impressed with the team and their ability to innovate for customers with speed,” Walmart President and Chief Executive Officer Doug McMillon had mentioned in a current investor name.
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