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Flipkart may list overseas by next year
September 17, 2020
Flipkart may go public by next year at a valuation of $40-45 billion, someone acquainted with the development said, as India’s largest on-line store advantages from improved adoption of digital platforms for purchasing and payments by using clients because of the coronavirus pandemic.
Flipkart would take a look at a foreign places listing, both in the US, where its parent Walmart Inc. Is based totally, or some other country, the person stated on condition of anonymity. Walmart had in 2018 obtained a majority stake in Flipkart for $16 billion, valuing the Bengaluru-based corporation at $21 billion.
At that time, Doug McMillion, president and CEO of Walmart, stated that Flipkart will move public inside 4 years of closing of the deal. “The IPO must be achieved at no much less a valuation than that at which Walmart invested in the Indian e-commerce company,” Walmart had then stated in a regulatory filing.