Flipkart says IPO in long-term strategy, currently focused on driving e-commerce growth in India
New Delhi: An preliminary public providing (IPO) is a part of Flipkart’s ambition and long-term technique, however the Walmart-owned firm is at the moment focussed on getting 200-300 million new Indians into the e-commerce fold.
The assertion comes amid stories 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 Might final yr had introduced that it’s shopping for 77 % stake in Flipkart for about $16 billion (Rs 1.05 lakh crore), its greatest deal which can 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 earnings 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 elements.
The American retail big, nevertheless, has reiterated that it continues to be dedicated to the Indian market given the large 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 Government Officer Doug McMillon had mentioned in a current investor name.
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