A new update has come regarding the IPO of Walmart’s Indian e-commerce company Flipkart. According to news agency Reuters, Flipkart has internally increased its IPO valuation target by almost a third to $60-70 billion. Along with this, Flipkart has planned to list on the US stock market in 2023, instead of this year.
According to Reuters news, Flipkart, which is competing against Amazon in India’s e-commerce market, had earlier set an IPO valuation target of $ 50 billion. According to sources, the company wants to focus on its two relatively new businesses – online health services and travel booking. Due to this the IPO is also getting delayed. The turmoil in the global market triggered by the Russia-Ukraine crisis has also forced Flipkart to rethink its timeline.
Let us tell you that Flipkart acquired Indian travel booking website Cleartrip in 2021, and this week launched a “Health+” app to offer medicines as well as other health products and services. The Flipkart Health+ platform will connect 500 independent sellers with a network of registered pharmacists.
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This will allow approval of the doctor’s prescription and ensure the supply of the right medicines. At present, the company aims to reach over 20,000 pincodes across the country.