India: Flipkart IPO may ride piggyback on post-COVID boom in e-commerce

Walmart Inc., it seems, is a bit tired of leading funding rounds at its Indian e-commerce bet Flipkart and its online payments subsidiary PhonePe. A Mint report said it was working for an IPO for Flipkart, at a valuation of $40 billion. Earlier this year, in a funding round that was led by Walmart, Flipkart was valued at $24.9 billion.

While the $40 billion valuation looks like a huge jump within a short period, note that the share prices of some listed e-commerce firms in emerging markets have skyrocketed this year. Shares of Singapore-based Sea Ltd have risen by about 280% compared to its pre-covid highs, while those of Argentina’s MercadoLibre Inc. have doubled.

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