Flipkart explores raising $2–2.5B in a pre-IPO round as Walmart weighs stake dilution. CEO Krishnamurthy meets global investors ahead of expected IPO in 12–18 months

IPO Round Ahead Of Mega Listing – Outlook Business

Flipkart is planning to raise a whopping amount of money about $2-2.5bn from investors before it goes public (IPO), reported Moneycontrol.

If these talks go through, it would be the e-commerce giant's second big private market raise in about two years, after Google invested $350mn in 2024.

The report added that a final decision is expected in the coming weeks and will depend on Walmart’s willingness and approval. It noted that there is a possibility that Walmart may choose not to dilute its stake, in which case Flipkart may not proceed with the fundraise.

Replying to Moneycontrol's queries, a Flipkart spokesperson said, “As a policy, we do not comment on market speculation. Flipkart remains focused on strengthening its business and long-term growth.”

Global Investor Outreach Efforts

Despite the uncertainty, Flipkart group CEO Kalyan Krishnamurthy has personally met with investors in Singapore, the US and in London to test appetite for a private fundraise over the past months, per sources.

Flipkart’s top deck, led by CEO Krishnamurthy, has met several top US bankers including Goldman Sachs, JP Morgan, Bank of America (BofA) Citigroup, and others over the past months to explore a private market fundraise, alongside IPO discussions, per sources.

They have also engaged with the heads of leading Indian bankers such as Axis Bank, JM Financial and Kotak Mahindra Bank to gauge investor interest.

IPO Preparations Gain Momentum

According to a March 9 report by Reuters, Flipkart has been preparing for a potential IPO for several years, with Walmart—its majority owner since 2018—evaluating timing and valuation.

Analysts told Reuters that pre-IPO rounds are often used to strengthen balance sheets and benchmark investor appetite before listing. The company was last valued in 2024 at around $37bn, when Alphabet’s Google picked up a $350mn minority stake in it.

The company is aiming to list in Mumbai before March 2027, though it has yet to ⁠firm up its valuation for the IPO or its size.