Flipkart To Defer IPO Till 2028, Eyes EBITDA Profitability In FY27
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Ecommerce major Flipkart has reportedly deferred its IPO till at least the next year as it eyes profitability before listing publicly.
As per a Moneycontrol report, US-based retailer Walmart, which owns an 80% stake in Flipkart, has asked the ecommerce company to pause any fundraising efforts and instead focus on achieving EBITDA breakeven in the current financial year (FY27).
With this, Flipkart’s plans to raise a $2-2.5 Bn pre-IPO round have also been put on hold as it might distract the leadership from its margin improvement efforts, the report added.
Questions sent to Flipkart didn’t elicit any response till the time of publishing this story.
The ecommerce firm has been eyeing a public listing for years now, but has been unable to convince Walmart. It was reported early last year that Flipkart’s board was pushing group CEO Kalyan Krishnamurthy to halve monthly cash burn to $20 Mn in the lead up to the IPO.
However, this conflicts with the company’s bid to enter new delivery formats, especially its expansion of its quick commerce offering Flipkart Minutes. The segment is capex and cash burn heavy, especially amid the intense competition ongoing in the space. Most existing players are unable to reign in losses amid discounts, dark store expansion, and rising customer acquisition costs.
In the first quarter of 2026, Flipkart Minutes scaled to 800 dark stores and was on track to touch 1,200 in the near term, with an aim to make Minutes operational in 30 Indian cities this year. Its current competitors include Eternal’s Blinkit, Swiggy’s Instamart, Amazon Now, IPO-bound Zepto, Reliance’s JioMart, and Tata’s BigBasket.
In the run up to the IPO, Flipkart made several changes to its internal structure, including a reverse flip from Singapore to India, laid off around 500 employees, and divested stakes in Flying Machine and Aditya Birla Lifestyle Brands.
(The story will be updated soon)
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