Flipkart IPO

About Flipkart IPO

Flipkart, one of India’s leading e-commerce platforms, is likely to go for its IPO soon, as per reports. Flipkart’s IPO is likely to be the biggest among new-age companies. It must be noted that the company has been eyeing an IPO since 2021. However, adverse market conditions in FY 23 put it on hold.

One of India’s leading e-commerce entities, Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal. Selling a vast range of products, including electronics, fashion, home essentials and lifestyle products, Flipkart was acquired by Walmart in 2018. The IPO will be a mix of fresh issue and offer for sale and is expected to raise between $8–10 billion (approximately ₹67,000–83,000 crore), subject to final pricing and market conditions.

Flipkart is finally planning to file its DRHP for an IPO in 2026 and its IPO is expected in late 2026 or early 2027. Flipkart is targeting an indicative valuation of around $40–70 billion on the upper side for its business. The actual pricing would depend on the market conditions and the appetite for the IPO.

In a major structural milestone, Flipkart completed its re-domiciliation from Singapore to India in March 2026, following NCLT approval in December 2025. Flipkart Internet Pvt. Ltd. is now the primary holding and operating entity for the group's Indian businesses, including Myntra, Ekart, and Cleartrip. The company has initiated early discussions with investment banks- Goldman Sachs, Morgan Stanley, JP Morgan, and Kotak Mahindra Capital for managing the IPO. Flipkart is also exploring a pre-IPO fundraise of $2–2.5 billion from Indian and foreign investors ahead of its listing. However, government clearance under Press Note 3 regulations remains pending, owing to Chinese investor Tencent's approximately 4–6% stake in the company.

Objectives of Flipkart IPO

Here are some of the key objectives of the Flipkart IPO.

• Expanding Flipkart Minutes (quick commerce) and EKART (logistics infrastructure).
  
• The OFS portion will be giving an exit to early backers of the venture
  
• Boosting the share of Flipkart in Tier-2 and Tier3- cities and expand SHOPSY app for rural markets.
  
• Enhancing user experience through the use of AI-driven personalization Flipkart has already completed the re-domiciliation of its holding company from Singapore to India as of March 2026, with Flipkart Internet Pvt. Ltd. now serving as the primary operating entity.
  

Industry Outlook

India's e-commerce industry, valued at US$125 billion in FY 24, is poised to grow to US$345 billion by FY 30 at a CAGR of 15%. E-commerce emerged as a key driver of start-up investments in 2024-25. It drew investments to the tune of US$3.1 billion across 79 deals. It's a sharp jump of 128% from 2023, which saw 59 deals drawing investments of US$1.4 billion.

A report from Deloitte indicates that the growth of the country's e-commerce market is due to an increase in the income of affluent and middle-class households. Company Information

Flipkart is one of India's leading e-commerce platforms that connects buyers and sellers across several categories in fashion, lifestyle, electronics, etc. Founded in 2007, Flipkart started with the focus on selling books online. It, however, soon expanded to other categories and over the years has made a number of acquisitions, including Myntra, eBay, Jabong, etc.

Strengths of Flipkart

Here are some of the key strengths of Flipkart.

• It has the backing of Wal-Mart, which gives stability to its balance sheet
  
• Flipkart has fine-tuned the full value chain from product sale to last-mile delivery
  
• Wide array of products on offer including groceries, fashion, electronics, etc
  
• Has built a loyal user base in India, with a high level of trust in its logistics
  

Risks of Flipkart

Here are some of the key risks to Flipkart.

• Continues to make losses even after being in existence for more than a decade
  
• ED/FEMA case pending: The Enforcement Directorate has offered Flipkart the option to settle a FEMA violation case related to foreign investment structuring between 2009–2015. This poses a regulatory risk ahead of the IPO.
  
• Press Note 3 clearance pending: Due to Chinese investor Tencent's ~4–6% stake, Flipkart requires government clearance under Press Note 3 regulations before completing its domicile shift and proceeding with the IPO.
  
• Shifting headquarters from Singapore to India may entail new geography risks
  
• Valuations in ecommerce continue to be divorced from bottom line performance
  
• Ecommerce companies have seen substantial value drawdowns when models are disrupted
  
• The ecommerce space is getting competitive with Amazon and Reliance Retail
  
• Quick commerce dominance of Blinkit, Instamart and Zepto
  
• Indian ecommerce legislation still evolving and poses a major risk
  
• Bottom line pressures from higher expenses remains a key risk factor
  
• Monthly cash burn continues to be rising at more than the pace of revenue growth
  

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: TBA
  
• Book Running Lead Managers: TBA
  

Business Model

As one of India's premier e-commerce platforms, Flipkart generates revenues by charging a commission on the sale price of products sold via its platform. It also generates revenues through advertising by offering various advertising options to sellers. These include sponsored products, social media promotions and banner ads.

Company Growth Trajectory

Flipkart recorded a 17.3% increase in its consolidated revenue from operations. It stood at ₹82,787.3 crores in FY 25, up from ₹70,541.9 crores in FY 24. However, the consolidated net loss widened to ₹5,189 crore in FY25 from ₹4,248 crore in FY24, impacted by higher expenses and increased losses from associate companies.

At the entity level, Flipkart Internet narrowed its net loss by 37% to ₹1,494 crore in FY25, with revenue growing 14% to ₹20,493 crore. Myntra emerged as the standout performer, posting a net profit of ₹548 crore in FY25 — its second consecutive profitable year. Ekart reduced its losses by 12% to ₹1,515 crore in FY25 on revenue of ₹13,733 crore.

On the quick commerce front, Flipkart Minutes currently operates 750–850 dark stores across 30+ cities as of April 2026, targeting 1,500+ dark stores by end of 2026, with expansion into 220–250 cities by mid-2026.

Market Position

As of FY 23, Flipkart was a market leader in the Indian e-commerce sector. It commanded a market share of 48%. Mobile and apparel were the largest categories with around 50% and 30% mix. Flipkart Minutes — 750–850 dark stores currently, targeting 1,500+ by end 2026

How to Check Allotment Status of Flipkart IPO?

1. Visit the Registrar’s Website

Visit the registrar’s website and check the link for IPO allotment status. Enter your application number, DP or client ID and click on ‘Submit’ to know the status.

2. Check on the National Stock Exchange Website

The National Stock Exchange website has an IPO bid verification module. You can use it to check the allotment status of Flipkart IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click 'Submit' to know the allotment status.

3. Check on the BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
  
• Choose 'Flipkart' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search’ to know allotment status
  

How to Apply for the Flipkart IPO?

To apply for this IPO:

• Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.