Indian e-commerce company Flipkart plans to invite global and domestic investment banks to pitch for roles on the IPO as soon as April, following months of informal discussions. Reports indicate that Walmart (WMT)-backed Flipkart has been in early, exploratory talks with firms such as Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan (JPM), and Kotak Mahindra Capital to gauge investor appetite, structure options, and timing for a Mumbai listing.
Notably, Flipkart has already received government approval to shift its official domicile from Singapore to India. An IPO could occur later this year or early in 2027, depending on several factors.
Flipkart was founded in 2007 when Sachin Bansal and Binny Bansal, both former Amazon (AMZN) employees, started the company in Bengaluru as an online bookstore operating from a small apartment. It steadily broadened into a general merchandise marketplace, built its own logistics network, and added verticals such as fashion via Myntra and payments, becoming India’s leading homegrown e-commerce platform by the mid-2010s.
In 2018, Walmart (WMT) agreed to acquire a 77% controlling stake for about $16B, valuing Flipkart at nearly $21B. Since then, Walmart (WMT) has bought out several minority investors, including Tiger Global, lifting its stake above 80% and valuing Flipkart at roughly $35B in recent secondary deals.
Flipkart competes primarily with Amazon India, Myntra, AJIO, and Nykaa.