Flipkart CEO Kalyan Krishnamurthy said scaling up the grocery business would be a critical part of the journey towards the public listing.
Flipkart | Representative image
E-commerce giant Flipkart is reportedly mulling an overseas public offering by the end of 2022. Group CEO Kalyan Krishnamurthy has also started active discussions with executives for the initial public offering (IPO).
According to a report in the Economic Times, Krishnamurthy is eyeing US listing in November-December of 2022. However, it may get stretched to March 2023 due to external factors like market conditions.
Read | Hyperlocal orders increased to over 17% in 2021, says Flipkart
Moneycontrol could not independently verify the report.
“There was a formal discussion on the path to IPO by Kalyan (Krishnamurthy). He said it would potentially happen in the next 12 months ideally…unless things change dramatically triggered by external events,” sources told the publication.
As per the report, Krishnamurthy told the executives that scaling up the grocery business would be a critical part of the journey towards the public listing.
Notably, just days ago, Flipkart announced that it invested $ 145 million in fresh produce supply chain company Ninjacart.
Flipkart offers groceries in 1,800 cities and towns and aims to take its offering to 2,000 more towns by mid-next year.
Read | Flipkart, Walmart invest $ 145 million in Ninjacart
Fresh fruits and vegetables will be an integral part of the expansion, with the company investing in technology capabilities to ensure the highest and most stringent quality checks for the end consumer.
Flipkart is also working to bring efficiencies in the community e-grocery shopping model. The company has intensified its focus on partnering with Farmer Producer Organisations (FPOs) to provide access to high-quality fresh produce, staples, pulses, and spices, bringing new revenue opportunities to farmer communities across the country.
The company has seen significant growth in the B2B e-commerce categories. The fashion category saw a growth of 9.4 times and its customer base grew by 3.5X while the grocery category witnessed 1.2X growth at a gross level and a surge of 1.1X in its total customer base.
