If you are waiting for the IPO of e-commerce company Flipkart and digital payment platform PhonePe, then this news is for you. In fact, a Walmart official said that it may take a few years to launch the IPO of both the companies. However, PhonePe’s IPO will be launched first. Dan Bartlett, Walmart’s executive vice president of corporate affairs, said that we are considering this in the next few years.
what is the plan
Bartlett told news agency Reuters that PhonePe’s IPO could be launched before Flipkart. He said that PhonePe is one of the largest payment platforms in the country. He also mentioned PhonePe’s integration with India’s instant money transfer system, Unified Payments Interface (UPI). Bartlett said that a lot of process has to be done before the IPO can be launched.
The statement of Walmart official has come at a time when Google has announced plans to buy stake in Flipkart. Google has proposed to invest about $ 350 million (about Rs 2,900 crore) to buy a small stake in Flipkart.
Flipkart valuation
Flipkart was valued at US$35 billion as of January 31, 2024, based on the equity transaction done by US-based Walmart. Walmart had increased its stake in Flipkart by 10 percent to about 85 percent by paying $ 3.5 billion in the financial year 2023-24. Flipkart had reported a loss of Rs 4,846 crore and an income of Rs 56,012.8 crore in the financial year 2022-23, while its expenses were Rs 60,858 crore. PhonePe had reported in October 2023 that its revenue for fiscal year 2023 increased by 77 percent. Let us tell you that PhonePe has laid emphasis on business expansion. In this series, the company has started services in many foreign countries.
