Flipkart said to invite banks for IPO pitch in April

Flipkart, an Indian ecommerce firm, plans to invite banks to pitch for work on a possible IPO as soon as next month, according to people familiar with the matter.

The Walmart-backed company has held informal talks with investors and bankers about a Mumbai listing that could occur later this year or in early 2027.

If the IPO proceeds, it would likely include a secondary share sale by existing investors such as Walmart, and the company would use proceeds to expand operations.

Flipkart said it had received government approval to shift its domicile from Singapore to India, a step toward a domestic listing.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Beneath the IPO headlines, Flipkart’s financials tell two different stories

Flipkart is gearing up for a possible public offering, while its core B2C marketplace arm, its main consumer ecommerce business, is moving in a healthier direction.
That unit, Flipkart Internet, lifted revenue 14% to Rs 20,493 crore in FY25, the financial year ending in 2025, and cut net losses 37% 1.
Other parts of the company still drag on the overall numbers.
On a consolidated basis, Flipkart India widened its net loss to ₹5,189 crore over the same period 2.
Costs tied to newer bets and side ventures add pressure as the group works toward profitability 2.

Why Walmart’s bet on a local Indian listing matters globally

The IPO is a big test for Walmart after its shares rose more than 42% in the past year 3.
A successful Mumbai debut would put a market price on Flipkart, helping investors value Walmart’s international assets more cleanly 3.
Flipkart’s plan to redomicile from Singapore to India fits a broader shift of startups returning home to chase stronger IPO odds on domestic exchanges 4.
The result could act as a bellwether, an early indicator, for other foreign-owned tech giants operating in India.
It also probes whether a local float brings easier access to capital under a complex regulatory system, which could shape a playbook for peers 3.