Flipkart has ‘lived up to expectations so far’, says Walmart CEO, confirms IPO plans
WalmartInternational CEO said that the US-based retailer is confident that Flipkartwill turn profitable.
- She mentioned that the company has managed to live up to its expectations so far.
- Flipkart is also thinking of ways they can offer software-as--a-service (SaaS), she noted.
AdvertisementWalmart International CEO and President Judith McKenna on Wednesday said that the US-based retailer is confident that Flipkart will turn profitable and the company has managed to live up to its expectations so far.
She also mentioned that India is Walmart’s biggest market in terms of advertising revenue and the company is looking at leveraging its advertising technology in other markets. Flipkart is also thinking of ways they can offer software-as-a-service (SaaS), she noted, as the e-commerce giant explores new avenues of revenue.
“In fact, one of the markets that we are using them [Flipkart] for is Chile. They're building out our ad tech platform for Chile, which is a really interesting development for them,” she said.
Walmart acquired Flipkart — the Indian counterpart to e-commerce giant Amazon — in 2018 from founders Sachin and Binny Bansal. The US-based retailer made the acquisition at a valuation of $16 billion, which has now more than doubled to $37.6 billion.
Flipkart looking to go public with an IPO in the US
Flipkart is now looking to go for an initial public offering (IPO) in the USA. According to media reports, the company expects to make its public debut next year at a valuation of $70 billion.
McKenna confirmed this, but refrained from committing to a timeline for the
“And when the time is right will depend on a number of factors, not least the market, but also the business performance. They've hit our deadlines. We wouldn't have invested if we didn't believe they could become profitable in the longer term, and we continue on track for that,” McKenna was quoted as saying in the Baird 2022 Global Consumer, Technology & Services Conference.
Flipkart had reported revenue of ₹43,357 crore for the financial year 2021, representing a 25% jump from the previous year. The company’s net loss also narrowed to ₹2,445 crore, representing a 22% decline.
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