FLIPKART IPO

Walmart-owned ecommerce giant Flipkart will go for an initial public offering (IPO) in
November or December 2022, the company’s group chief executive (CEO) Kalyan
Krishnamurthy has reportedly said.

There is also a chance that the Flipkart IPO may be pushed to March 2023 due to external
factors like inappropriate market conditions, Krishnamurthy reportedly told a select group of
executives earlier this week in an offsite meeting. The development was reported by The
Economic Times (ET).

He reportedly added that scaling the grocery business would be a critical part of the journey
towards the public listing. This may be a reason why Flipkart increased its shareholdings
in fresh produce supply chain company NinjaCart earlier this week.

As per the report, Flipkart is looking at a possible overseas listing. The company is also
reportedly looking to raise a pre-IPO round in the January-March quarter next year in order to
benchmark its valuation before it hits the public market.

Business Insider has reached out to Flipkart seeking confirmation on the same.

The Bengaluru-based company had raised $3.6 billion in July this year, at a valuation of
$37.6 billion. The round was led by Singapore-based GIC, Canada Pension Plan Investment
Board (CPP investments), Softbank Vision Fund 2 and Walmart. Tiger Global and Qatar
Investment Authority, among other marquee investors also participated in the round.

Walmart had acquired 77% shares in Flipkart in 2018, giving exits to founders Binny and
Sachin Bansal, subsequently. The US-based retail giant currently holds 75% shareholding in
Flipkart.
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