Walmart's Flipkart plans US IPO in 2023

Asian Tech Press (Apr. 8) -- Walmart's Indian e-commerce company Flipkart plans a U.S. IPO in 2023, according to Reuters.

Citing sources familiar with the matter, the report said that Flipkart aims to list in the United States in 2023 instead of this year, internally raising its IPO valuation target by around a third to $60-70 billion.

The main reason for the wait for the IPO is Flipkart's internal plan to further increase its valuation by focusing on its two relatively new businesses, online healthcare services and travel bookings, the sources exposed.

In addition, the ongoing turmoil in global markets triggered by the Russia-Ukraine conflict has forced the Bengaluru-based company to reconsider its IPO timeline.

Founded in 2007, Flipkart was the first batch of homegrown e-commerce platforms in India. In 2018, U.S. retail giant Walmart acquired a 77% stake in Flipkart for a sky-high price of $16 billion as India increased restrictions on e-commerce platforms.

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