Reportedly, Walmart Stores, Inc. (WMT) Indian e-commerce company Flipkart has internally raised its IPO valuation target to $60-70 billion, and now plans a U.S. listing in 2023 instead of this year. Flipkart, which competes with Amazon.com (AMZN) in India’s booming e-commerce space, earlier had an IPO valuation goal of $50 billion.
As per sources, the primary reason for waiting for the IPO is due to Flipkart’s internal plan to boost valuations further by focussing on two of its relatively new businesses, its online healthcare services, and travel bookings. In 2021, Flipkart acquired Cleartrip, an Indian travel booking website, and recently also launched a “Health+” app to offer medicines, healthcare products, and services. Flipkart is incorporated in Singapore and wants to list in the United States.
Walmart acquired a roughly 77% stake in Flipkart for about $16 billion in 2018, its biggest deal ever, and informed that it could take the company public in four years. As per sources, last year, Flipkart raised $3.6 billion in a funding round, giving it a valuation of $37.6 billion and helping bolster the company’s financial position. Reportedly, it had enough cash right now for expansion, implying an IPO wasn’t a necessity at this stage, the sources informed.
Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
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