Flipkart Prepares for $36B IPO in FY26: A Major E-commerce Milestone

Flipkart, one of India’s top e-commerce giants, is gearing up to go public within the next 12 to 15 months, according to The Economic Times. The Walmart-owned company, valued at $36 billion, is set to launch what could be one of the largest IPOs in India’s startup scene, targeting Q1 of FY26.

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Switching Base to India

To make the IPO happen, Flipkart is reportedly shifting its legal base from Singapore to India. Internal approvals are already in place, and preparations are underway to meet the timeline for the big debut.

From Delays to Green Lights

Flipkart has been talking about going public since 2021, but unfavorable market conditions in FY23 put those plans on hold. Now, thanks to a wave of successful startup IPOs, the company is back on track. "The process has begun, and the company is clear about its goal to go public within this timeline," said a source familiar with the plans.

Walmart’s Big Push and Recent Funding

Flipkart raised nearly $1 billion in 2024, reflecting strong investor faith in the company. Walmart, which bought a controlling 81% stake in Flipkart back in 2018, has poured over $2 billion into the business so far—$600 million of that came just this year. An IPO was always part of Walmart’s long-term plan, so this step feels like a natural next move.

A Growing Market

India’s e-commerce market is booming, with December 2024 alone seeing gross sales of ₹1 lakh crore. Flipkart continues to dominate, fueled by huge Black Friday sales and strong customer engagement.

Looking Beyond India

Flipkart’s IPO is part of a global trend where online-first companies thrive in public markets. Many are comparing this move to Coupang’s blockbuster listing in South Korea, which showed the market’s hunger for profitable, fast-growing online businesses.

As Flipkart moves closer to its IPO, all eyes will be on how this milestone impacts India’s thriving e-commerce industry and its position in the global market.