Startup India: Flipkart says Indian markets not yet ready for large Internet listing

The logo of India's largest online marketplace Flipkart is seen on a building in Bengaluru, India, April 22, 2015. REUTERS/Abhishek N. Chinnappa

The co-founder of Flipkart, India’s biggest e-commerce company, said on Saturday that the country’s stock markets were not yet ready for a large Internet listing.

Sachin Bansal’s comments at a startup conference in New Delhi came days after a rejig in the top management that was viewed by some as a step toward a stock market listing.

“Indian markets are not yet ready for a large Internet company listing but we would absolutely love to list here when the time comes,” he said.

But India’s junior minister of finance Jayant Sinha told the same conference that listing of Internet stocks on Indian markets would be a big boost for the economy.

India’s market regulator has eased some rules to make it easier for home grown start ups to list their shares on local bourses.

Also Read: EBay India sees revenue growth slowdown as rivals Flipkart, Snapdeal double sales

India: Flipkart losses mount to $303m in FY15 as it burns cash in a high-stake market place battle

India: Flipkart top management changes ahead of possible IPO