Funding · Commerce & Consumer Brands

Flipkart explores $2-2.5 bn pre-IPO round

By Startup Enthusiast · 16 April 2026

What they do

Flipkart is an online shopping site selling mobiles, electronics, furniture, grocery and more

It is exploring a $2-2.5 bn pre-IPO round from Indian and foreign investors, with Walmart holding 80% stake

The round could provide an exit for existing investors and gauge interest for an IPO expected in 12-18 months

Flipkart is exploring a $2-2.5 Bn pre-IPO round from Indian and foreign investors.
Group CEO Kalyan Krishnamurthy has met multiple investment bankers in recent months.
Meetings were held with Goldman Sachs, JP Morgan, Bank of America and Citigroup in the US.
In India, talks were held with heads of Axis Bank, JM Financial and Kotak Mahindra Bank.
Krishnamurthy also met Capital Group, a US investment management firm.
Other institutional investors have expressed interest in participating.
The valuation for the round has not been decided yet.
Walmart owns 80% of Flipkart and the final decision rests with Walmart.

The pre-IPO round could provide an offramp (exit opportunity) for existing investors.
It could increase paper returns for Walmart, which invested $16 Bn to acquire Flipkart in 2018.
The round will help gauge investor interest for an IPO expected in the next 12-18 months.
Flipkart completed a reverse flip (moving headquarters) from Singapore to India last month.
CFO Sriram Venkaraman stepped down last month after 15 years at the company.

Flipkart is an online shopping marketplace for mobiles, electronics, furniture, grocery, lifestyle and books.
It offers categories including fashion, beauty, home appliances, toys, baby products, food, auto accessories, sports and fitness.
Services include Flipkart Pay, Gift Cards, EMI, Pay Later, SuperCoin loyalty program, Value 365 subscription and Phone Plus.
Its quick commerce arm Flipkart Minutes operates 800 dark stores (delivery-only warehouses) as of Q1 2026.
Flipkart Minutes is on track to reach 1,200 dark stores and also runs Minutes Paan Store and Minutes Pharmacy Store.
Flipkart Internet (the Indian entity) reported FY25 operating revenue of ₹20,493 Cr, up 14% from ₹17,907 Cr in FY24.
Net loss for FY25 was ₹1,494 Cr, down 37% from ₹2,359 Cr in FY24, showing improving profitability.
The company runs the annual Big Billion Days sales event.

Flipkart plans to use the pre-IPO round to provide an offramp for existing investors.
The round will help increase paper returns for Walmart.
It will gauge investor interest for an IPO expected in the next 12-18 months.
Flipkart Minutes aims to reach 1,200 dark stores.

Walmart (existing) — US retail giant that owns 80% of Flipkart after acquiring it for $16 Bn in 2018.
Goldman Sachs (participated) — US investment bank that was consulted for the round.
JP Morgan (participated) — US investment bank that was consulted for the round.
Bank of America (participated) — US investment bank that was consulted for the round.
Citigroup (participated) — US investment bank that was consulted for the round.
Axis Bank (participated) — Indian private sector bank whose head was consulted.
JM Financial (participated) — Indian financial services firm whose head was consulted.
Kotak Mahindra Bank (participated) — Indian private sector bank whose head was consulted.
Capital Group (participated) — US investment management firm that Krishnamurthy met.