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Flipkart Group CEO Kalyan Krishnamurthy will be part of the corporate’s board
HDFC’s Keki Mistry, Suresh Kumar, world chief expertise officer at Walmart, and Leigh Hopkins, the manager vp of worldwide technique and improvement for Walmart Worldwide may even be given a seat
In September this yr, Reuters reported that Walmart-owned Flipkart is eyeing an abroad itemizing in 2021, one that would worth the agency at $50 Bn.
Indian ecommerce main Flipkart has made a slew of adjustments to its board, as the corporate prepares aggressively for an preliminary public providing (IPO) subsequent yr.
Flipkart Group CEO Kalyan Krishnamurthy will be part of the corporate’s board together with HDFC’s Keki Mistry, Suresh Kumar, world chief expertise officer at Walmart, and Leigh Hopkins, the manager vp of worldwide technique and improvement for Walmart Worldwide.
In the meantime, 4 present board members — Steuart Walton, grandson of Walmart founder Sam Walton; Dirk Van den Berghe, EVP at Walmart Asia, Rajesh Magow, Makemytrip cofounder, and Rohit Bhagat — can be leaving the board. The event was first reported by ET.
In September this yr, Reuters reported that Walmart-owned Flipkart was eyeing an abroad itemizing in 2021, one that would worth the agency at $50 Bn.
Flipkart is probably going to decide on between the US and Singapore for its IPO. “Flipkart is included in Singapore, however itemizing in the US, the place guardian Walmart is headquartered, might give it entry to a deeper pool of funds,” one of many sources advised Reuters then.
Flipkart India reported a 12% development in its revenues for the yr ended March 31, 2020, at INR 34,610 Cr, and on the identical time lower its losses by 18% to INR 3,150 Cr. Therefore, it’s sure that Flipkart will probably be seeking to record overseas, given India’s profitability standards for public itemizing.
Earlier this month, Walmart CEO Doug McMillon reiterated the corporate’s dedication to seeing Flipkart go for an abroad IPO. “As we invested we did point out that our plan is to IPO and that hasn’t modified,” McMillon mentioned at an occasion this month.
The Walmart chief govt additionally famous that with each Flipkart and its digital funds firm PhonePe rising at a fast tempo, each firms have room for extra buyers, and will diversify in a number of methods, together with IPOs.
This month, Flipkart introduced a partial spin-off of PhonePe, partially promoting its stake within the fintech firm to Walmart. PhonePe has raised $700 Mn in major capital from the divestiture, which can give the corporate extra autonomy over its operations. The divestiture has bumped up PhonePe’s post-money valuation to $5.5 Bn.
Media reviews counsel that PhonePe can also be working aggressively to go public by 2023 as a separate entity within the US or India, eyeing a valuation of $7 to $10 Bn.
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