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Bank Pitches
Formal process begins for investment banks to pitch for lead underwriting roles in the IPO.
Expected Listing
Anticipated debut on Indian stock exchanges (NSE/BSE).
Reverse Flip to India
Flipkart moves its holding company from Singapore to India to facilitate a domestic IPO.
IPO Filing
Targets $1B raise and submits preliminary documents.
Merchant Expansion
Network grows to 47 million businesses across India.
Funding Round
Raised $850M at a $12B private valuation.
Domicile Shift
PhonePe completes move from Singapore to India, paying $1B in taxes.
PhonePe Separation
Flipkart and PhonePe complete their full separation, though both remain under the Walmart umbrella.
Walmart Acquisition
Walmart acquires a 77% stake in Flipkart for $16 billion, marking the largest e-commerce deal in India.
Indian e-commerce giant Flipkart is reportedly initiating the formal process for its long-awaited public debut, with plans to invite investment banks to pitch for advisory roles as early as April. This move follows the company's strategic relocation of its holding entity from Singapore to India, signaling a definitive shift toward a domestic listing.
PhonePe, the Indian digital payments giant majority-owned by Walmart, is preparing for a $1 billion initial public offering targeting a valuation of up to $10.5 billion. The listing follows a strategic domicile shift to India and a massive expansion of its merchant network to 47 million businesses.