Walmart Starts Packing $10 Billion Flipkart IPO Delivery
Walmart Inc, an American multinational retail corporation, reportedly has hired the services of Goldman Sachs to explore IPO of its Flipkart unit in the US, aiming to raise around $10 billion. Mint reports that, according to two people directly aware of the development, Arkansas-based Walmart is planning to sell around 25 percent in India’s largest online retailer through the move.
Founded in 2007 by IITians Sachin and Binny Bansal, Flipkart is one of the largest ecommerce companies in India. If Walmart goes through with Flipkart IPO, it is set to become the largest IPO by an Indian-origin company on overseas exchanges. In September, Reuters had reported that Flipkart is likely to go public in 2021. This also aligns with Walmart’s vision, as the company had announced in 2018 that they will take Flipkart public within four years when it bought a 77 percent stake for $16 billion.
The ecommerce major recently had announced its plan to partially spin off PhonePe, the digital payments platform in order to give it more room for growth using fresh funding
The ecommerce major recently had announced its plan to partially spin off PhonePe, the digital payments platform in order to give it more room for growth using fresh funding. The company has said that PhonePe, which has been on an exceptional growth track over the last few years, will raise $700 million in primary capital. PhonePe had also recently announced its plan to file its IPO by 2023.