E-commerce giant Flipkart is thinking of listing its company overseas by the end of 2022. Group CEO Kalyan Krishnamurthy is actively in talks with the executives for the share sale.
According to a report in the Economic Times, Krishnamurthy is aiming to get the company listed on the US bourses in November-December of 2022. However, it may get deferred by March 2023 due to external factors like market conditions.
“There was a formal discussion on the path to IPO by Kalyan (Krishnamurthy). He said it would potentially happen in the next 12 months ideally…unless things change dramatically triggered by external events,” sources told the publication.
As per the report, Krishnamurthy told the executives that the grocery business needed to be scaled up, as it can play a critical part in the journey towards going public overseas.
And, to augment its aim, A Few days ago, Flipkart announced investing $145 million in Ninjacart, a Fresh Produce Supply Chain Company.
Flipkart has spread its grocery delivery services in 1,800 cities and towns with the aim to expand its services to 2,000 and more towns by mid-next year.
In 2018, Walmart purchased 77 percent of Flipkart’s stock, allowing Binny and Sachin Bansal to quit the company. Flipkart is presently owned by Walmart, which has a 75 percent stake in the company.