Binny Bansal Sells Partial Flipkart Stakes to Walmart, Ahead of Flipkart IPO

An initial public offering (IPO) is part of Flipkart's ambition and long-term strategy, but the company is currently focussed on getting 200-300 million new Indians into the e-commerce fold. The statement comes amid reports that Flipkart is looking at tapping into the US equity market by 2022.

"An IPO has always been part of Flipkart's ambitions and long-term strategy but right now, we don't have a time frame on that. Flipkart is currently focused on driving the growth of e-commerce in India to get 200-300 million new customers into e-commerce fold," a Flipkart spokesperson said.

In other news, Binny Bansal, the co-founder of India's leading e-tailer Flipkart, sold around 54 lakh of his equity shares valued at $76.4 million (Rs 531 crore) to world's retail giant Walmart's Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said. His holding has reduced to 3.52% from 3.85%.