Online retailer Flipkart Internet Pvt is set to start the formal process for banks to pitch for work on its potential initial public offering as soon as next month, according to people familiar with the matter.
The Walmart Inc.-backed e-commerce company has already held informal talks with investors and bankers to gauge appetite for a listing in Mumbai, the people said. An IPO could take place later this year or early 2027, they said, asking not to be identified because the information isn’t public.
Deliberations are at an early stage and details such as timing may change, the people said. A Flipkart representative didn’t respond to a request for comment.
If the IPO goes ahead, it is likely to include a secondary share sale by existing investors such as Walmart, the people said. Flipkart will use the proceeds to expand the business, they added.
Key stakeholders
Founded in 2007, Flipkart has become one of India’s biggest e-commerce platforms, with a registered customer base of more than 500 million, according to its website. Walmart bought a 77% stake for $16 billion in 2018 and later increased that holding with further acquisitions. A 2023 purchase of Tiger Global Management’s remaining stake valued Flipkart at $35 billion at the time.
Moneycontrol reported last week that Flipkart was in preliminary discussions with investment banks about the listing.
Flipkart said Monday it had received government approval to shift its domicile from Singapore to India, a key step toward a listing in the country, where 2025 was a boom for share sales. Other listed companies in Indian e-commerce include Lenskart Solutions Ltd., Swiggy Ltd. and Zomato. Sentiment has cooled in 2026 after some disappointing debuts and a nearly 10% decline in the Sensex.
Flipkart and others compete with Amazon.com Inc., Reliance’s JioMart and Tata Group in India’s vast online retail market. Flipkart also owns other platforms including fashion retailer Myntra and travel booking site Cleartrip.
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