Flipkart owns and operates an online shopping website in India. It provides books, movies, music, games, consoles, gaming accessories, mobiles, mobile accessories, cameras, camera accessories, computers, computer accessories, network components, software, peripherals, home and kitchen appliances, TV and video products, and personal and health care products.
Flipkart Unlisted Shares will be available soon at best rate. Flipkart shares price is likely to go up sharply ahead of its IPO.
Binny and Sachin Bansal founded Flipkart in 2007, with headquarters in Bengaluru in India.
Walmart acquired Flipkart in 2018 for US$16 billion. Flipkart also owns standalone fashion portals Myntra and Jabong. Flipkart has a captive logistics arm, Ekart which handles ~80% of its shipments. The IPO is expected in 2021-2022.
Walmart is increasing its majority-stake in Flipkart by leading a new $1.2 billion financing round in the Indian e-commerce giant. The fresh equity round led by Walmart, which acquired majority stake in Flipkart for $16 billion two years ago, values Flipkart at $24.9 billion post-money, the two companies said.
The American retail group said the fresh capital would help Flipkart, which was valued at $20.8 billion two years ago, further grow its e-commerce marketplace in India as the world’s second largest internet market begins to recover from Covid-19 crisis.
JioMart, a joint venture between Reliance Retail (India’s largest retail chain) and Jio Platforms (India’s largest telecom operator), launched earlier this year in select sub urban areas of Mumbai and has since expanded to more than 200 cities and towns across the nation.