08 April 2022, Mumbai:
Walmart-owned, an Indian e-commerce company, Flipkart plans to postpone its US listing to 2023 instead of this year.
It also plans to raise its IPO valuation target by around a third to $60-70 billion. Earlier, Flipkart had set an IPO valuation target of $50 billion.
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It aims to delay IPO to boost valuations by focusing on two new businesses, online healthcare services, and travel bookings.
Flipkart acquired Indian travel booking website Cleartrip in 2021, and this week launched a "Health+" app to offer medicines as well as other healthcare products and services.
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Last year, Flipkart raised $3.6 billion in a funding round, giving it a valuation of $37.6 billion.
That fundraising helped bolster the company's financial position.
India's IPO market has slowed as enthusiastic retail investors and a pandemic-induced flood of easy money encouraged several Indian tech companies like Paytm and Zomato to go public.
Over 60 companies went public in 2021, raising over $13.7 billion in funds.
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