Indian Economy News

Flipkart ups IPO valuation target to $60 bn, eyes 2023 US listing: Report

  • IBEF
  • April 8, 2022

Flipkart, Walmart's Indian e-commerce subsidiary, has boosted its IPO valuation target by approximately a third to US$ 60-70 billion, and now is looking to list in the US in 2023 rather than this year. Flipkart had secured US$ 3.6 billion in a funding round in the previous year, valuing the company at US$ 37.6 billion.

In 2021, more than 60 firms made their market debut in India, raising a total of US$ 13.7 billion, more than the previous three years combined. The continued global market turbulence triggered by the Russia-Ukraine situation has prompted the Indian business to reassess its schedule. India is also working on a series of e-commerce restrictions.

Flipkart's internal intention is to increase valuations further by focusing on two of its relatively new sectors: Online healthcare services and travel reservations. Flipkart bought Cleartrip, an Indian travel booking company, in 2021 and this week introduced the "Health+" app, which would sell drugs and other healthcare items and services.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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