Flipkart has hit pause on its IPO in a jittery market.
This and more in today's ETtech Top 5.Also in the letter:■ AI roils India's IT sector■ TDB starts RDI fund disbursal■ Pershing Square's stake in Microsoft Flipkart pauses IPO discussions amid rising volatility in markets 131119062Walmart-owned Flipkart has put its initial public offering (IPO) plans on hold indefinitely, joining a growing list of large internet firms delaying listings as volatility grips Indian markets and chokes the new-age IPO pipeline.
The move comes two months after PhonePe, another Walmart-owned company, pushed back its IPO, citing market uncertainty driven by the war in Iran.Tell me more:Flipkart had been gearing up to file its draft IPO papers by late 2026 or early 2027, after securing NCLT approval to shift its domicile back to India.Bankers said turbulence linked to the conflict in West Asia and a crowded IPO calendar, with names like Reliance Jio, Zepto, and NSE in the queue, weighed on the decision.The pause follows Walmart CEO John Furner’s visit to India and his town hall at Flipkart’s Bengaluru office.Quick commerce push:Flipkart is doubling down on its quick commerce business, Minutes, by adding nearly 100 stores per month.
