BENTONVILLE, Arkansas (Reuters) – Initial public offerings of Walmart’s Flipkart marketplace and PhonePe digital payments platform could take a couple of years, a Walmart executive said.
Walmart’s executive vice president for corporate affairs, Dan Bartlett, mentioned the IPO plans during the company’s shareholder meeting. He emphasized a timeframe of “over the next couple of years” for the potential listings.
Walmart may put an initial public offering of PhonePe ahead of Flipkart, even though Flipkart is a more mature business, Bartlett told Reuters.
PhonePe, headquartered in India, is among the country’s largest payment platforms, according to Bartlett. He highlighted its integration with India’s UPI system for seamless money transfers.
Bartlett highlighted the need for various processes before PhonePe goes public. He mentioned considering the Indian exchange versus others for the IPO listing.
A year ago, Walmart’s CFO projected Flipkart and PhonePe to become $100 billion businesses. He emphasized their potential driven by robust growth.
At that time, executives highlighted Flipkart and PhonePe as crucial for achieving Walmart’s sales goals. They aimed to double the company’s foreign gross merchandise volume to $200 billion in five years.
Despite the prolonged timeline, Walmart’s strategic vision remains unwavering, as it seeks to unlock the full potential of Flipkart and PhonePe through public offerings. The forthcoming IPOs are poised to reshape the Indian market landscape, offering investors an opportunity to capitalize on the robust growth trajectory of two of Walmart’s key subsidiaries.
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