Policy · Commerce & Consumer Brands

Flipkart defers IPO after Walmart pushes for profitability

What they do

Flipkart is an Indian online shopping platform selling electronics, fashion and groceries

The company postponed its public listing until at least 2028 to focus on profits

Owner Walmart asked Flipkart to reach EBITDA breakeven before raising more external funds

Flipkart has deferred its IPO until at least 2028 according to recent reports.
Owner Walmart nudged the company to prioritize achieving EBITDA breakeven in FY27.
This strategic shift comes after discussions with global bankers proved unfavourable for listing plans.
Flipkart Group CEO Kalyan Krishnamurthy met with major banks including Goldman Sachs and JPMorgan Chase.
These meetings aimed to discuss a potential pre-IPO fundraise worth $2 billion to $2.5 billion.
The company also faces legal challenges including an insolvency petition from vendor Applabs Media.
Another vendor Netambit Value First Services initiated proceedings over alleged unpaid dues of ₹4.37 Cr.
Despite these hurdles, Flipkart continues expanding into food delivery and quick commerce segments.

The delay signals a tougher market environment for large tech listings in India.
Walmart prioritizes financial stability over rapid capital expansion for its Indian asset.
Multiple vendor disputes highlight operational friction during aggressive business expansion phases.

Flipkart operates as a major online shopping site for diverse consumer categories.
It sells products including mobiles, electronics, furniture, grocery and books.
Additional categories include fashion, beauty, home appliances and auto accessories.
The platform offers financial services like Flipkart EMI and Pay Later options.
Sub-brands include Minutes Grocery Store and Minutes Pharmacy Store for quick delivery.
Services extend to Gift Cards, Sell features and loyalty programs like SuperCoin.
The company is actively expanding its presence in food delivery and ticketing markets.
Flipkart is reportedly mulling a separate app for its quick delivery arm.
Operating revenue increased 14% to ₹20,493 Cr in FY25 despite net losses.

Flipkart aims to achieve EBITDA breakeven by FY27 under Walmart's guidance.
The company plans to expand further into quick commerce and live event businesses.
Future fundraising or IPO timing remains uncertain pending financial performance improvements.

Walmart (owner) — American multinational retailer that owns majority stake in Flipkart.