Flipkart, India’s largest e-commerce company and a key subsidiary of Walmart Inc., is inching closer to what could become India’s biggest-ever tech IPO. The Bengaluru-based retailer is preparing to debut on public markets by 2026 (subject to market conditions).
Flipkart IPO is expected to unlock massive value for Walmart — which owns around 85% of Flipkart — while offering investors exposure to India’s booming digital consumption story. Analysts expect the offering to be one of Asia’s largest since LIC, signaling a new chapter in India’s e-commerce evolution.
Flipkart IPO Update Highlights
| Parameter | Details |
|---|---|
| Expected IPO Year | 2026 (may shift depending on markets) |
| Expected Valuation | USD 36 billion |
| Primary Objectives | Walmart stake dilution, capital infusion for logistics & grocery |
| Current Ownership | Walmart ~85%, Tencent ~4%, Others ~11% |
Flipkart IPO News
October 2025 – Flipkart IPO Latest News
The Enforcement Directorate (ED) has offered Flipkart the option to settle a Foreign Exchange Management Act (FEMA) violation case by paying a penalty. The case concerns alleged violations between 2009 and 2015 related to foreign investments and the structuring of seller entities—issues that predate Walmart’s 2018 acquisition of Flipkart. Under FEMA’s compounding rules, the company can admit the breach, pay the fine, and avoid lengthy legal proceedings. The ED has also issued fresh notices regarding Flipkart’s operations post-2016 and is conducting similar investigations into Amazon India for possible FDI norm violations.
August 2025 — Corporate Restructuring Ahead of IPO
Flipkart initiated internal restructuring to simplify its corporate framework.
Flipkart Payments Services and Cleartrip (travel business) are being merged into the main entity — a move seen as a pre-IPO cleanup.
Walmart CFO John David Rainey reiterated that Flipkart’s listing is “on track” for the coming year.
July 2025 — Walmart Reaffirms Flipkart IPO Plans
During its Q1 FY26 earnings call, Walmart confirmed that the Flipkart IPO remains a “top strategic priority,” with the company finalizing auditor and banker appointments.
It also noted improving profitability in Flipkart’s logistics and grocery verticals.
Flipkart IPO News: December 2024 — ESOP Buyback
Flipkart announced one of India’s largest employee stock buybacks, worth INR 5,800 crore (~USD 700 million), benefiting over 19,000 employees. This provided liquidity to long-term staff and boosted morale before public listing preparations.
June 2024 — Flipkart IPO Valuation
Walmart internally revalued Flipkart at USD 36 billion (~INR 3.19 lakh crore), citing strong growth in grocery and fashion verticals. At the same time, Tiger Global and Accel India completed their full exits, consolidating Walmart’s shareholding to nearly 85%.
2023 — PhonePe Demerger & India HQ Shift
Flipkart formally completed the demerger of PhonePe, allowing both entities to pursue separate IPO paths.
Both companies shifted their domicile from Singapore to India, aligning with SEBI and RBI compliance norms. This was a critical step toward Flipkart’s India-based listing eligibility.
Flipkart IPO News (2022) — Mega Fundraise
Flipkart raised USD 3.6 billion (~INR 31,925 crore) in one of India’s largest private funding rounds, led by SoftBank Vision Fund 2, GIC, Canada Pension Fund, and Walmart.
The round pegged its valuation at USD 37.6 billion, accelerating investment in grocery, quick commerce (Shopsy), and supply-chain automation.
Flipkart IPO Date (2021) — IPO Plans Confirms Publicly
For the first time, Walmart CFO Brett Biggs publicly confirmed Flipkart’s intent to go public within “two to three years.”
The company began engaging with global investment banks and started restructuring for a potential dual listing.
Flipkart IPO News (2018) — Walmart’s Acquisition
Walmart acquired a 77% stake in Flipkart for USD 16 billion, marking India’s largest-ever M&A deal and a defining moment in global retail.
Post-acquisition, Sachin Bansal exited the company, while Binny Bansal retained a minority stake temporarily.
2014–2017 — Mega Funding Rounds & Expansion
- 2014: Raised USD 1 billion (~INR 8,500 crore) from Tiger Global, DST Global, and Accel Partners, pushing its valuation past USD 7 billion (~INR 59,500 crore).
- 2017: Secured USD 2.5 billion (~INR 21,250 crore) from SoftBank Vision Fund, its largest pre-acquisition round. Expanded aggressively into grocery, logistics, and mobile sales; Ekart became India’s leading logistics platform.
2010–2013 — Innovation Era: COD & National Scale
- 2010: Introduced Cash-on-Delivery (COD) — a first in Indian e-commerce.
- 2011–2013: Expanded to over 50 cities and added electronics & fashion categories.
- Acquired Myntra in 2014 to dominate online fashion retail.
2007 — Founding & Early Growth
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, former Amazon engineers, from a small Bengaluru apartment. It started by selling books online and quickly became India’s first scalable e-commerce brand by 2010.
📈 Financial Snapshot (FY23–FY24)
| Metric | FY24 | FY23 |
|---|---|---|
| Revenue | INR 56,012 crore | INR 51,176 crore |
| Net Loss | INR 4,890 crore | INR 5,400 crore |
| Gross Merchandise Value (GMV) | ~INR 1.6 lakh crore | ~INR 1.3 lakh crore |
| EBITDA Margin | -3.2% | -4.1% |
📊 Flipkart continues to narrow its losses despite large-scale investments in grocery, logistics, and new verticals. Analysts expect the firm to turn operationally profitable by FY26.
🏗️ Business & Expansion Strategy
Flipkart has transformed from an e-commerce platform into a multi-vertical consumer ecosystem, encompassing:
- Myntra – fashion e-commerce
- Shopsy – social commerce for Tier-II/III markets
- Cleartrip – travel bookings
- Ekart – logistics and warehousing backbone
- Flipkart Wholesale – B2B supply chain
- Flipkart Supermart – grocery and FMCG delivery
Pre-IPO, the group is consolidating its units under Flipkart to simplify compliance and improve transparency
Conclusion
From a two-member startup in 2007 to a global-scale e-commerce leader, Flipkart IPO marks the culmination of India’s decade-long digital commerce revolution. As Walmart’s crown jewel in Asia, its public debut will not only redefine valuations in the Indian internet economy but also pave the way for other consumer-tech giants like Meesho, Zepto, and Swiggy to follow.
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