Flipkart, one of India’s top e-commerce platforms is aiming for a valuation of $50 billion for their listing in an overseas stock exchange. According to sources that spoke to Reuters, Flipkart will choose between Singapore and the United States for its IPO. According to these sources, the IPO will be announced later in 2021 or in early in 2022.
Flipkart is likely to choose between Singapore, or the United States for IPO https://t.co/lJc0jSVWrV
— Financial Express (@FinancialXpress) September 16, 2020
Walmart, in 2018, acquired a 77% stake in Flipkart for $16 billion. If Flipkart is valued close to $50 billion then Walmart will have doubled its investment in the company. Other investors of Flipkart include Tencent Holdings, Microsoft and U.S. hedge fund Tiger Global.
The e-commerce space in India is rapidly expanding with Reliance Industries jumping in the space with Flipkart and Amazon.