Walmart-owned e-commerce platform Flipkart has put its planned initial public offering (IPO) on hold indefinitely, citing volatile market conditions and an overcrowded listings pipeline in India, according to a report on the Economic Times (ET).
The company, in which Walmart has built an 80% stake following its 2018 acquisition, had been targeting the submission of draft documents to the Securities and Exchange Board of India (SEBI) by late 2026 or early 2027.
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The delay follows a visit to India by Walmart chief executive officer John Furner, who addressed staff at Flipkart’s office in Bengaluru, Karnataka.
Groundwork for the listing had already been laid.
Last December, the National Company Law Tribunal (NCLT) approved Flipkart’s redomiciliation back to India, marking a structural shift that saw eight Singapore-registered entities absorbed into Flipkart Internet, its India-incorporated primary operating entity.
The move reverses a decision taken in 2011, when the company relocated its headquarters to Singapore.
The postponement mirrors a comparable move by PhonePe, another Walmart-backed business, which abandoned its $1.3bn IPO two months ago on largely similar grounds.
Sources cited in the ET report pointed to uncertainty arising from the West Asia conflict and a congested listings calendar featuring major offerings from Reliance Jio, quick commerce company Zepto, and the National Stock Exchange.
On the operational front, Flipkart has continued to expand its quick commerce service, Flipkart Minutes, which has been opening 100 stores per month since March 2026 and is aiming for between 1,100 and 1,200 outlets by July 2026.
The platform is currently handling approximately 1,200 to 1,250 orders per store daily.
Financially, Flipkart Internet recorded revenue of Rs204.93bn ($2.12bn) in FY25, a 14% year-on-year rise, though this represented a slowdown from the 21% growth posted in FY24.
Losses contracted by 37% to Rs14.94bn over the same period.
The company’s gross merchandise value stood at $30bn in calendar year 2025, double the $15bn figure from 2020.
