Exclusive: Walmart Executive Says Flipkart, PhonePe IPOs Could Be a Couple of Years Away

**Walmart’s Indian Ventures Flipkart and PhonePe Eyeing IPOs in the Coming Years**

BENTONVILLE, Arkansas – In a strategic move that could reshape the landscape of the Indian e-commerce and digital payments sectors, Walmart has announced plans for the initial public offerings (IPOs) of its two major Indian subsidiaries, Flipkart and PhonePe. According to Dan Bartlett, Walmart’s executive vice president for corporate affairs, these IPOs are anticipated to materialize over the next couple of years, signaling a significant step forward in Walmart’s investment in India.

Speaking at the company’s shareholder meeting in Bentonville, Arkansas, Bartlett revealed that Walmart is considering prioritizing PhonePe’s IPO over Flipkart’s, despite the latter being a more mature entity. This decision underscores the explosive growth and potential of India’s digital payments space, where PhonePe has emerged as a dominant player.

PhonePe, which boasts over 490 million registered users and nearly 51% of the transaction value on India’s Unified Payments Interface (UPI) as of March 2023, has seen its revenue surge by 77% in the financial year 2023. The platform’s success is attributed to its integration with UPI, allowing seamless money transfers across multiple banks without the need to share account details.

Flipkart, on the other hand, continues to be a heavyweight in India’s e-commerce market. A year ago, Walmart’s chief financial officer hinted at both Flipkart and PhonePe potentially becoming $100 billion businesses, driven by robust growth rates. These ventures are pivotal to Walmart’s strategy of doubling its international gross merchandise volume to $200 billion within five years.

However, Bartlett cautioned that several processes need to be finalized before taking PhonePe public, including the decision on whether to list on Indian exchanges or elsewhere. This strategic move by Walmart could not only unlock significant value for the retail giant but also catalyze further growth and innovation in India’s digital economy.

As Walmart prepares for these landmark IPOs, the global business community watches closely, recognizing the potential ripple effects on the Indian market and beyond. With Flipkart and PhonePe at the forefront, Walmart’s ambitious plans underscore its commitment to expanding its footprint in one of the world’s fastest-growing economies.