Flipkart Raises internal valuation target to $60-70 Billion

Flipkart, Walmart's e-commerce company, will most probably hit the bourses in 2023. According to a report by Reuters, the company has raised its IPO valuation target by around 33 per cent to $60-70 billion. Earlier, the company had sought a valuation of $50 billion.

The increase in valuation will be sought by the company to focus on two new businesses of online healthcare services and travel bookings.

The main competitor of Amazon.com in India, Flipkart, had planned to launch its IPO in 2022 itself. But now the plan has reportedly been postponed. According to Reuters, the ongoing war between Russia and Ukraine may also have a direct bearing on the decision. The company is incorporated in Singapore.

Flipkart acquired travel booking website Cleartrip in 2021. Also, it launched its 'Health+' app to offer medicines and healthcare products. The company wants to make gains in the two sectors, the report stated.

According to the report, Flipkart raised $3.6 billion in a funding round last year. Then it was valued at $37.6 billion. In 2018, Walmart had acquired a 77 per cent stake in Flipkart for about $16 billion. It had stated then that it could take Flipkart public, in four years.