Walmart-owned Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a US listing in 2023 instead of this year, Reuters has reported.
Flipkart had earlier set an IPO valuation goal of $50 billion
The reason for delay in IPO is due to Flipkart's internal plan to boost valuations further by focusing on two of its relatively new businesses -- online healthcare services and travel bookings, the report said.
The ongoing global market turmoil sparked by the Russia-Ukraine crisis also forced the Indian company to reconsider its timeline, it reported citing sources familiar with the plans.
Flipkart acquired Indian travel booking website Cleartrip in 2021, and this week launched a "Health+" app to offer medicines as well as other healthcare products and services.
The listing, according to sources, is now being planned for early-to-mid 2023. Flipkart is incorporated in Singapore and wants to list in the United States.
The first source said the IPO valuation target could be as high as $70 billion, while the second said it could be between $60-65 billion.
In its biggest deal ever, Walmart acquired a roughly 77% stake in Flipkart for about $16 billion in 2018.