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Walmart exploring $10 billion Flipkart IPO

India Today | 07/12/2020 04:27 PM | Click to read full article

Walmart Inc is exploring an initial share sale of its Flipkart unit in the US to raise $10 billion.

"Work on the IPO is on in full swing and the advent of the pandemic has only hastened the process, given the spectacular surge in demand on e-commerce platforms," a source said. Proceeds from share sell are likely to be used to expand Flipkart's business, especially at a time when e-commerce market is booming in India.