Samreen Ahmad · · 1 min readWalmart-owned Flipkart eyes US IPO at up to $70b valuation
Walmart-owned Flipkart has increased its IPO valuation target to the range of US$60 billion to US70 billion from an earlier estimate of US$50 billion, said a Reuters report citing sources. It is now aiming for a US listing sometime in the first half of 2023 instead of this year.
The company is delaying its IPO plans, as it is looking to jack up its valuation based on two new verticals, namely healthcare and travel bookings.
Earlier this week, it launched Flipkart Health+, which aims to give users access to quality, affordable medicine and healthcare products from independent sellers. As part of its diversification drive, Flipkart also acquired travel booking platform Cleartrip last September.
The Russia-Ukraine crisis could be another reason Flipkart is postponing its listing plans, said the report.
Several tech companies including Zomato, Nykaa, and Paytm listed in the India market, but the rush for an IPO has slowed down this year, with companies such as Mobikwik, Oyo, and Delhivery reportedly pushing back their IPO plans.
See also: Series SEA: Who’s investing in the region’s ecommerce startups?
Editing by Deepti Sri and Jaclyn Tiu
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