Moneycontrol
Jan 11, 2017 03:00 PM IST | Source: Moneycontrol.com

Flipkart plans to hit Wall Street; prepares for listing in 2018

In an e-mail to employees, Co-Founder and Group CEO Binny Bansal said that one of his key tasks is to see the IPO through.


Moneycontrol Bureau

E-commerce major Flipkart is preparing for an IPO (initial public offering) on the Nasdaq and has hired one of the Big Four audit firms for the same, Business Standard reported on Wednesday.


The IPO is expected in 2018 as the process of due diligence has already begun, the report added.


In an e-mail to employees, Co-Founder and Group CEO Binny Bansal said that one of his key tasks is to see the IPO through.


The move is seen as an effort to cash in on the e-commerce major’s prospects by investors such as Tiger Global, Accel Partners, GIC and others.


On Monday, Flipkart appointed former Tiger Global Management executive Kalyan Krishnamurthy as CEO, with Co-Founder Binny Bansal being elevated to the position of Group CEO.


The rejig at the top was seen as a precursor of tighter control over the e-tailer by one of its investors, after Flipkart was devalued thrice in 2016 by global hedge fund investors.

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