India's E-commerce Leader Flipkart Set for $36 Billion IPO by Early 2026
India’s largest e-commerce platform Flipkart is planning to list its IPO in the next 12 to 15 months. The Walmart-backed firm, worth US$36 billion is all set to execute one of the biggest IPOs in India’s new economy space. Before it goes public, sources suggest that Flipkart has shifted its domicile from Singapore to India.
According to media report, Flipkart aims to list by Q1FY26. A source revealed, “The process has begun, and there is a clear understanding that in this timeline, the company should be public.” Flipkart did not respond to queries on the matter.
Moving to India and IPO TimeLine
The company has secured internal clearances for moving its headquarters to India before the listing. Originally planned for 2021, Flipkart has postponed its IPO because of the unfavourable IPO market environment in FY23. The recent success of the IPOs of other startup organizations has revived Flipkart’s IPO plans.
Flipkart’s biggest investor, Walmart, which has 81% interest in the company has had an eye on this IPO for a long time now. The retail giant acquired Flipkart back in 2018 and has since deployed over $2 billion in the accretion of the e-commerce giant, including $600 million in the year 2024. Analysts consider this strategy to fit into Flipkart’s strategy of wanting to be the leading e-commerce company in India.
Robust Performance and Industry Growth
Flipkart became one of the most funded companies in India, receiving $1 billion in 2024, signalling strong investors’ confidence. It has continued to sustain its dominance in the emerging e-commerce sector market in India. Preliminary assessments project overall sales of the industry of ₹1 lakh crore in December 2024 with Flipkart at the forefront.
IPOs of other tech firms from across the world have boosted Flipkart’s listing plans, including Coupang from South Korea. One source however said: “The public markets are now giving large internet companies growth and profits.”
Conclusion
Flipkart’s IPO is set to steer a new path in the tech line in India and will mark new standards in the IPOs to come. The decision to change domicile reflects its pledge to integrate business activity with local rules and requirements. Meanwhile, investors and industry leaders have a keen interest in Flipkart as it prepares for the next big leap.