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Aditya Hadi Pratama · · 1 min readSources: Indian ecommerce major Flipkart seeks $1b raise ahead of its IPO
“Flipkart has hit the market to raise US$1 billion at up to US$30 billion in valuation before its public listing,” TechCrunch reported, citing two people familiar with the matter.
Details:
- The ecommerce giant began exploring funding opportunities with some of its investors earlier this year.
- While it was reported that the company plans to go public this year, internal discussion in recent months has pushed its IPO process to early next year.
Context:
- Flipkart raised US$1.2 billion in a round led by US retail giant Walmart in July last year at a valuation of around US$24.9 billion.
- Walmart has reportedly hired Goldman Sachs to explore an initial share sale of Flipkart in the US to raise around US$10 billion. It plans to sell about 25% of its shares in the ecommerce company.
- In India, Flipkart has to compete with Amazon, which has invested more than US$6.5 billion in the country. The two are trying to conquer a market that is predicted to reach over 300 million shoppers by 2025, according to estimates by Bain & Company.
Editing by Miguel Cordon and September Grace Mahino
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