Walmart Hires Goldman Sachs to Explore Flipkart IPO on US Stock Exchange

The American e-Commerce giant, Walmart is all set to take Flipkart IPO as per its earlier plans. For this, it has hired Goldman Sachs to explore IPO for Flipkart unit in the US with an aim to raise $10 billion. As per Mint reports, according to two people directly aware of the development, Walmart is planning to sell around 25 percent in India’s largest online retailer through the move.

This Bangalore-based Unicorn started by Sacin and Binny Bansal in 2007 has become one of the largest indigenous e-Commerce companies. And if the IPO is set, it will become the largest IPO by any Indian-origin company on overseas exchanges. When acquiring 77 percent stake for $16 billion in Flipkart in 2018, Walmart said it has plans to take the company IPO within four years. The current move perfectly aligns with its plans.

A few days earlier, Flipkart has announced its plans to partially spin off its digital payments platform, PhonePe, to give it more room for growth using fresh funding. PhonePe too have announced plans to go IPO by 2023.