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When will Flipkart be listed? ‘Looking at right time’, may enter quick commerce segment
The company's president and CEO Doug McMillon said same-day delivery orders in India grew by over 150% in the quarter.
Walmart's international president and CEO Kathryn McLay said that the US retailer is exploring the right time for its Flipkart business to go public. The firm's India unit has witnessed strong growth, Kathryn McLay said during the company's earnings call.
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"As the Flipkart business has grown, we have seen Myntra get to ebitda positive for the last two quarters. We have seen some growth in premiumisation and all of that is lifting the profile of Flipkart's business. They are on track to the growth trajectory that we had them on, and we are looking and exploring when the right time to IPO that business will be," Kathryn McLay said.
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The company's president and CEO Doug McMillon said same-day delivery orders in India grew by over 150% in the quarter. Flipkart is also planning to enter the quick commerce segment soon, he added.
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Earlier it was reported that Flipkart is intensifying its efforts to achieve profitability as it is eyeing a valuation of approximately $60 billion at the time of its initial public offering (IPO). The issue is planned in 2025-2026, instead of this year, people in the know told Bloomberg, adding that Flipkart might consider listing in the US or any other country including India.
The company had also contemplated launching an IPO in 2022-2023, it was reported.
