Flipkart, India’s leading e-commerce platform owned by Walmart, has reportedly decided to postpone its much-anticipated Initial Public Offering (IPO) as the company shifts focus toward profitability and operational efficiency. According to recent reports, Walmart has advised Flipkart to prioritise achieving EBITDA breakeven before moving ahead with public listing plans.
The development signals that Walmart is not under immediate pressure to monetise its India investment despite growing investor interest in India’s booming digital economy. Flipkart is now said to be targeting profitability by the end of FY27, which could delay both its IPO and any pre-IPO fundraising activities.
The decision comes at a time when global financial markets continue to face volatility due to geopolitical tensions, rising interest rates, and uncertainty in the technology sector. Interestingly, another Walmart-backed company, PhonePe, has also reportedly deferred its IPO plans recently despite receiving regulatory approval earlier this year.
Flipkart’s management and Walmart executives reportedly discussed the company’s future strategy during Walmart CEO and President John Furner’s recent visit to Bengaluru, marking his first official trip to India.
According to reports, Flipkart is aiming to achieve EBITDA breakeven by the end of FY27. This means the company wants to improve earnings before interest, taxes, depreciation, and amortisation before approaching public markets.
Industry analysts believe Walmart wants Flipkart to strengthen its financial position and improve investor confidence ahead of a future IPO.
Global investors are increasingly rewarding technology and e-commerce companies that demonstrate sustainable business models rather than prioritising aggressive expansion at the cost of profitability.
The shift reflects broader market trends where investors now focus more on:
Despite strong revenue growth, Flipkart continued to report significant losses in FY25.
According to financial data accessed from Tofler, Flipkart India Pvt. Ltd. reported revenue of ₹82,787.3 crore in FY25, registering a 17.3% year-on-year increase compared with ₹70,541.9 crore in FY24.
The growth highlights continued expansion in India’s rapidly growing e-commerce market, driven by rising internet penetration, digital payments adoption, and increasing online shopping across smaller cities and towns.
While revenue increased significantly, Flipkart’s consolidated net loss widened to ₹5,189 crore in FY25 from ₹4,248.3 crore in the previous financial year.
Additionally, losses attributable to six associate companies and one joint venture rose sharply to ₹172 crore compared with ₹54 crore a year earlier.
Experts say the losses reflect continued spending on:
There was, however, some improvement in Flipkart’s marketplace business.
Flipkart Internet, which operates the online marketplace business, reduced its standalone net loss to ₹1,494.2 crore in FY25 compared with ₹2,358.7 crore in FY24.
Its revenue also grew 14% year-on-year to ₹20,493.3 crore.
This suggests that certain parts of Flipkart’s business are gradually moving closer to operational stability.
The delay in Flipkart’s IPO comes shortly after PhonePe also deferred its public listing plans.
PhonePe had earlier received approval from the Securities and Exchange Board of India (Sebi) for its IPO on January 20, 2026.
The company had confidentially filed draft papers on September 23, 2025, and later submitted its Updated Draft Red Herring Prospectus (UDRHP).
PhonePe was reportedly planning to raise up to ₹12,000 crore through an offer for sale involving investors such as Walmart, Tiger Global Management and Microsoft.
However, ongoing geopolitical uncertainties and global market instability have made investors more cautious toward large technology IPOs.
Earlier in March, Flipkart completed the process of shifting its holding entity from Singapore back to India.
The relocation is viewed as an important step toward a future domestic stock market listing.
Many Indian startups had earlier moved their headquarters overseas to attract foreign investment and simplify international fundraising. However, recent regulatory changes and India’s growing capital markets are encouraging companies to return.
Industry experts believe Flipkart’s move could help simplify regulatory approvals for a future Indian IPO.
Founded in 2007 by Sachin Bansal and Binny Bansal, Flipkart played a major role in transforming India’s online retail industry.
In May 2018, Walmart acquired a 77% stake in Flipkart for $16 billion in one of the largest global e-commerce deals at the time.
By December 2023, Walmart had increased its ownership stake to 80.5%.
Flipkart has also attracted investments from major global firms including:
In May 2024, Google invested $350 million in Flipkart for a minority stake, valuing the company at around $37 billion.
India remains one of Walmart’s most important international growth markets.
India’s online retail market continues to grow rapidly due to:
However, competition has intensified significantly with players such as:
Walmart’s decision to focus on profitability indicates confidence in Flipkart’s long-term growth potential rather than short-term valuation gains.
Flipkart’s decision to delay its IPO reflects a broader shift in the global technology and startup ecosystem where profitability and sustainable growth are becoming more important than rapid expansion alone. Walmart’s strategy suggests the retail giant is willing to take a patient, long-term approach toward its India investments while strengthening Flipkart’s financial fundamentals before entering public markets.
Although Flipkart continues to report significant losses, strong revenue growth and improving performance in key business segments indicate gradual operational progress. The company’s relocation to India and Walmart’s continued backing also reinforce expectations that a future IPO remains part of Flipkart’s long-term strategy.
As India’s e-commerce market continues to evolve rapidly, investors and industry observers will closely watch how Flipkart balances growth, competition and profitability over the coming years.