India’s IPO market could soon witness one of its most anticipated listings. Flipkart, India’s largest e-commerce company and a major subsidiary of Walmart Inc., is reportedly preparing for a public market debut that could take place around 2026, depending on market conditions.

The potential listing has generated significant excitement among investors because Flipkart represents one of the biggest technology success stories in India. If it goes public, the offering could become one of Asia’s largest IPOs since LIC, marking a major milestone in the country’s digital economy.

For investors tracking upcoming public issues, the Flipkart IPO is shaping up to be a landmark event that reflects the evolution of India’s e-commerce ecosystem.

Flipkart IPO Overview

Here is a quick snapshot of the expected Flipkart IPO details currently being discussed in the market:

With a valuation of around USD 36 billion, the IPO could unlock substantial value for Walmart, which currently owns roughly 85% of Flipkart.

Early Talks Begin with Investment Banks

Flipkart has already initiated early discussions with major investment banks to explore a potential IPO in India.

The banks involved in these preliminary talks include:

• Goldman Sachs
• Kotak Mahindra Capital
• Morgan Stanley
• JP Morgan

While the final issue size has not yet been decided, the listing is expected to take place by late 2026 or early 2027.

This step signals that the company is moving closer to public market readiness, although the timeline will ultimately depend on market conditions and internal preparations.

Flipkart’s Massive Scale Today

Flipkart’s growth over the past decade has been remarkable.

The company today operates at an enormous scale, with:

• 500+ million users
• 150+ million products
• 80 product categories
• 1.4+ million sellers on the marketplace

Flipkart reported NR 82,787.3 crore (consolidated revenue from operations) in FY2025, reflecting the continued expansion of India’s online commerce ecosystem.

With such scale, the company has become one of the most influential platforms shaping consumer behavior in India.

NCLT Approval: A Critical Step Toward IPO

E-commerce giant Flipkart has shifted its holding company from Singapore to India, a major structural step as it prepares for a potential IPO around 2027

This move brings the company significantly closer to its public listing.

Following this restructuring:

• Flipkart Internet Pvt Ltd will become the main operating entity
• The company is preparing to file IPO draft papers in 2026
• Government approvals have also been sought under Press Note 3 norms

The domicile shift is widely seen as a key regulatory step toward IPO eligibility in India.

Corporate Restructuring Ahead of IPO

In August 2025, Flipkart began a corporate restructuring to streamline its structure ahead of a potential listing.

Key changes include:

• Merging Flipkart Payments Services into the core entity
• Integrating Cleartrip, the company’s travel business

Such restructuring is often described as pre-IPO cleanup, where companies simplify their organizational structure to improve transparency and compliance.

During this period, Walmart CFO John David Rainey reiterated that the Flipkart IPO remains “on track.”

Walmart Reaffirms Listing Plans

During Walmart’s Q1 FY26 earnings call, the company confirmed that the Flipkart IPO remains a top strategic priority.

Walmart also noted improvements in:

• Flipkart’s logistics business
• The grocery vertical

These improvements are important because profitability and operational efficiency play a crucial role in determining investor confidence during IPO launches.

Major ESOP Buyback Before Listing

In late 2024, Flipkart announced a USD 50 million (~INR 428 crore) employee stock buyback, benefiting approximately 7,000-7,500 employees. This ESOP buyback provided liquidity to long-term employees ahead of IPO preparations.

This ESOP buyback provided liquidity to long-term employees and helped strengthen morale as the company moved closer to IPO preparations.

Such buybacks are commonly seen before IPOs because they reward early employees and streamline shareholding structures.

Flipkart Valuation and Investor Changes

In June 2024, Walmart internally revalued Flipkart at USD 36 billion (~INR 3.19 lakh crore).

At the same time:

• Tiger Global exited completely
• Accel India exited completely

These exits helped consolidate Walmart’s ownership to nearly 85%.

The valuation update reflected strong growth in Flipkart’s grocery and fashion verticals, which have become key drivers of its expansion.

The PhonePe Demerger

A major strategic restructuring occurred in 2023, when Flipkart completed the demerger of PhonePe.

This allowed:

• Flipkart and PhonePe to pursue separate IPO paths
• Each company to operate with independent corporate structures

At the same time, both companies shifted their domicile from Singapore to India, aligning themselves with SEBI and RBI compliance norms.

This move became an important milestone in preparing Flipkart for an India-based listing.

The Mega Funding Round of 2022

In 2022, Flipkart raised USD 3.6 billion (~INR 31,925 crore) in one of the largest private funding rounds in India.

Investors included:

• SoftBank Vision Fund 2
• GIC
• Canada Pension Fund
• Walmart

The funding round valued the company at USD 37.6 billion.

The capital was used to expand:

• Grocery services
• Quick commerce initiatives like Shopsy
• Supply-chain automation

These investments helped strengthen Flipkart’s logistics and delivery ecosystem.

Flipkart’s IPO Plans First Confirmed in 2021

In 2021, Walmart CFO Brett Biggs publicly confirmed Flipkart’s intent to go public within two to three years.

Following this announcement, the company began:

• Engaging global investment banks
• Planning corporate restructuring
• Evaluating potential listing strategies

These preparations laid the groundwork for today’s IPO discussions.

Walmart’s Historic Acquisition in 2018

Flipkart’s journey changed dramatically in 2018, when Walmart acquired a 77% stake in the company for USD 16 billion.

This deal remains India’s largest-ever M&A transaction in the retail sector.

Following the acquisition:

• Sachin Bansal exited the company
• Binny Bansal temporarily retained a minority stake

The acquisition strengthened Flipkart’s financial backing and global scale.

Early Growth and Mega Funding (2014–2017)

Between 2014 and 2017, Flipkart experienced rapid expansion.

Key milestones included:

2014

• Raised USD 1 billion (~INR 8,500 crore)
• Investors included Tiger Global, DST Global, and Accel Partners
• Valuation crossed USD 7 billion

2017

• Raised USD 2.5 billion (~INR 21,250 crore) from SoftBank Vision Fund
• Expanded into grocery, logistics, and mobile sales
• Strengthened Ekart, its logistics network

Innovation Era: Cash on Delivery

During the early years of Indian e-commerce, Flipkart introduced several innovations that shaped the industry.

One of the most important was Cash-on-Delivery (COD) in 2010, which addressed trust issues in online shopping.

Between 2011 and 2013, the company expanded operations to 50+ cities and added new product categories such as electronics and fashion.

In 2014, Flipkart acquired Myntra, strengthening its position in online fashion retail.

Founding Story

Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both former Amazon engineers.

Starting from a small Bengaluru apartment, the company initially sold books online.

By 2010, Flipkart had already become one of India’s first scalable e-commerce brands.

Over time, it evolved into a massive digital marketplace influencing how millions of Indians shop online.

Financial Snapshot

Here is a look at Flipkart’s financial performance:

Flipkart has continued to narrow its losses while expanding its ecosystem.

Analysts expect the company to reach operational profitability by FY26.

Flipkart’s Expanding Business Ecosystem

Flipkart today operates across multiple business verticals, transforming from a simple e-commerce marketplace into a broader consumer ecosystem.

Key platforms include:

• Myntra – Fashion e-commerce
• Shopsy – Social commerce targeting Tier-II and Tier-III markets
• Cleartrip – Travel bookings
• Ekart – Logistics infrastructure
• Flipkart Wholesale – B2B supply chain
• Flipkart Supermart – Grocery and FMCG delivery

Before going public, Flipkart is consolidating these units under its main entity to simplify compliance and improve transparency.

The Flipkart IPO could become one of the most significant listings in India’s technology sector.

With early discussions underway with global investment banks, regulatory restructuring progressing, and Walmart reaffirming its commitment to a listing, the company appears to be steadily moving toward the public markets.

If the IPO takes place in 2026 or early 2027, it could mark a defining moment in India’s digital economy, offering investors exposure to one of the country’s largest consumer technology platforms.

As the IPO timeline develops, market participants will continue watching Flipkart closely — not only for its scale but also for what it represents: the next phase of India’s e-commerce evolution.

Disclaimer:This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.