Flipkart, PhonePe IPOs Could Take Couple of Years, Walmart Exec Says

Flipkart, PhonePe IPOs Could Take Couple of Years, Walmart Exec Says

Walmart’s international chief exec has indicated that the initial public offerings (IPOs) of its Indian e-commerce unit Flipkart and digital payments arm PhonePe may take a couple of years to materialize.

Judith McKenna, Walmart’s president and CEO of international, recently said in an interview with Moneycontrol that the company is in no rush to list these businesses. She emphasized that Walmart believes in building strong businesses first, with a focus on profitable growth and customer satisfaction.

“I think we’re at least a couple of years away from potentially looking at an IPO for either of the businesses. Our focus is on continuing to build the business. We are very excited about the trajectory of both companies, very excited about the Indian market,” McKenna said.

Flipkart and PhonePe are considered major players in their respective industries in India. Flipkart dominates the e-commerce space, while PhonePe has emerged as a leading digital payments platform.

In 2018, Walmart acquired a majority stake in Flipkart for $16 billion. The U.S. retail giant also holds a 72% stake in PhonePe.

Walmart has previously expressed its intention to list its Indian operations, but the timeline for the IPOs remains uncertain. Analysts believe that the company may be waiting for a more favorable market environment before proceeding with the listings.

Keywords:

Flipkart
PhonePe
IPO
Walmart
Judith McKenna
E-commerce
Digital payments
India