Flipkart Eyes Live Events, Ticketing To Take On BookMyShow, District: Report
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Walmart-owned Flipkart is planning to enter India’s movie and live events ticketing segment ahead of a potential initial public offering (IPO).
To tap into the fast-growing market driven, the company is planning to launch a separate vertical to enter the segment, as per a report by Reuters. Flipkart is mulling to launch the service as early as May, putting it in direct competition with BookMyShow and Eternal’s District.
Flipkart did not respond to Inc42’s queries on the development. The story will be updated based on their response.
If materialised, Flipkart’s entry into the ticketing business will help it diversify beyond its core ecommerce business and build new consumer-facing verticals.
Besides this, Flipkart is also reported to be mulling to pilot a food delivery service. As per reports in February, the ecommerce major is evaluating two approaches to enter the food delivery segment — building its own standalone platform or launching a buyer-facing app on the government-backed ONDC.
The pilot is expected to begin in Bengaluru between May and June, with a wider rollout likely by the end of the year or early next year, depending on early traction. It had explored entering food delivery via ONDC nearly two years ago, but those plans did not materialise. If executed, the move would mark Flipkart’s entry into two highly competitive and low-margin segments currently dominated by Zomato and Swiggy.
To fuel its business expansion, Flipkart is also said to be planning raising $2 Bn to $2.5 Bn in a pre-IPO funding round from domestic and global investors.
According to reports, Flipkart Group CEO Kalyan Krishnamurthy has met bankers across the US, Singapore and London, including firms such as Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup, to discuss the potential fundraise and IPO plans.
The company is eyeing a public listing on the domestic bourses in the next 12-18 months. Last month, Flipkart completed its reverse flip from Singapore to India as part of its IPO preparations. Its CFO Sriram Venkaraman also stepped down after a 15-year stint.
In India, the company has also been in talks with institutions such as Axis Bank, JM Financial and Kotak Mahindra Bank to gauge investor appetite. It has also reportedly engaged with US-based investment firm Capital Group.
In a separate development today, the Delhi High Court dismissed an appeal filed by Flipkart in its trademark dispute with Marc Enterprises, upholding an earlier injunction restraining the company from using the ‘MarQ’ brand for its appliances.
The dispute dates back to 2018, when Marc Enterprises alleged that Flipkart’s ‘MarQ’ branding infringed on its registered ‘MARC’ trademark, citing potential consumer confusion.
On the financial front, Flipkart’s market place arm reported a 14% increase in its FY25 operating revenue to ₹20,493 Cr from ₹17,907 Cr in FY24. During the same period, its net loss narrowed 37% to ₹1,494 Cr from ₹2,359 Cr a year earlier.
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