Walmart’s Flipkart in early talks to raise $1 bn

Walmart Inc-owned e-commerce firm Flipkart is in early talks with investors to raise at least $1 billion, the Economic Times reported on Tuesday, citing people familiar with the matter.

Flipkart’s fund raise plans come at a time when the company is considering an initial public offering (IPO), while it battles players including Amazon.com’s local unit and billionaire Mukesh Ambani-owned Reliance Retails’ JioMart amid a pandemic that has seen demand for online services skyrocket.

Reuters first reported in September that Bengaluru-based Flipkart was preparing for an IPO overseas as early as 2021, which could value the firm at as much as $50 billion.