India’s leading e-commerce giant, Flipkart, valued at $36 billion, is set to make waves in the stock market with an initial public offering (IPO) planned within the next 12 to 15 months. As reported by The Economic Times, this move is expected to mark one of the most significant listings of a new-age company in India, further cementing the nation’s position as a global startup hub.
To facilitate its IPO, Flipkart has secured internal approvals to shift its domicile from Singapore to India, a crucial step towards achieving its public listing goal. The IPO is projected to take place by the end of 2025 or early 2026, according to the report.
Flipkart’s decision to move its holding company to India aligns with its long-term strategy to tap into the domestic market and leverage favorable market conditions. The shift mirrors similar moves by startups like PhonePe and Zepto, which have sought domestic listings to attract higher valuations and capitalize on investor confidence in India’s growing digital economy.
Global retail giant Walmart, which acquired Flipkart in 2018 for $16 billion, holds an 81% stake in the company. Walmart has expressed unwavering confidence in Flipkart's potential, having invested over $2 billion in its operations since the acquisition.
Kath McLay, CEO of Walmart International, recently highlighted Flipkart’s impressive growth trajectory during an earnings call. She emphasized its significance in Walmart’s global strategy, signaling the IPO as a pivotal step to unlocking the platform’s full potential.
Flipkart successfully raised nearly $1 billion in 2024, including $350 million from Google, underscoring its strong market position and investor appeal.
To cater to the growing demand for instant deliveries, Flipkart introduced ‘Minutes’, a rapid delivery service, while its fashion subsidiary Myntra launched M-Now, promising deliveries within 30 minutes. These initiatives reflect Flipkart’s adaptability and focus on enhancing the customer experience.
Flipkart’s journey from a modest online bookstore in 2007 to a dominant market leader epitomizes the exponential growth of India’s e-commerce sector. The industry achieved a record ₹1 trillion in festive sales in 2024, with Flipkart retaining its leadership despite fierce competition from Amazon and other players.
In addition to its e-commerce business, Flipkart has diversified into payments, advertising, and ultra-fast deliveries. The launch of its UPI-based payments app, Super.money, signals its ambition to explore multiple revenue streams and cement its position as a tech-driven conglomerate.
Flipkart’s upcoming IPO is poised to be a landmark event for India’s startup ecosystem, following the successful listings of companies like Zomato, Nykaa, and Swiggy. The public offering is expected to fuel investor enthusiasm for consumer internet firms, showcasing the immense potential of India’s digital economy.
By shifting its base to India, Flipkart aims to strengthen its connection with domestic investors and stakeholders, leveraging India’s robust economic growth and a favorable regulatory environment.