Flipkart to launch IPO overseas

As per an Economic Times report, Flipkart plans to launch an IPO overseas as early as 2021, which could value the firm up to $50 billion.

Flipkart is likely to choose between Singapore, or the United States for the initial public offering (IPO). The retailer begun work to ensure compliance, legal and finance functions will meet regulatory standards ahead of a potential listing.

Walmart acquired a roughly 77 per cent stake in Flipkart for about $16 billion back in 2018. That deal remains the single largest foreign direct investment in India.

In July this year, Flipkart raised $1.2 billion in fresh funding with Walmart as its lead investor. That round valued Flipkart, which counts China's Tencent, U.S. hedge fund Tiger Global, and Microsoft among its investors, at $24.9 billion.

Flipkart would use the funds, to be received in two tranches this fiscal year, to support the development of its e-commerce marketplace as India emerges from the Covid-19 crisis.