<p>US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale.</p>.<p>Both Flipkart and payment app PhonePe continue to do well, Walmart International President and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7.</p>.<p>"We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna.</p>.<p>However, she noted that there is no specific timeline for the IPO.</p>.<p>"But if we build a strong business, and we continue to do the things that we need to do to ensure that long-term and sustainable growth, that is a possible route that we would consider in the future, but certainly no specific timeline on that (IPO)," she said.</p>.<p>Walmart Inc owns a majority stake in Flipkart. It had invested $16 billion in 2018 in the Bengaluru-based e-commerce platform to pick up 77 per cent stake. In July last year, it led a $1.2-billion round in Flipkart, valuing the e-commerce firm at $24.9 billion.</p>.<p>According to sources, SoftBank Group is in discussions with Flipkart to pump in about $500-600 million into the Walmart-owned e-tailer.</p>.<p>The transaction -- which may also see participation from Singapore's sovereign wealth fund GIC and Canadian pension fund CPPIB -- could value Flipkart at $30-32 billion, they added.</p>.<p>Flipkart is also said to be working on launching its initial public offering (IPO) next year.</p>.<p>McKenna further said both Flipkart and PhonePe businesses are doing well.</p>.<p>"I am really pleased with what they have done since we acquired them. We have said that clearly a number of times," she added.</p>.<p>E-commerce has seen strong growth in India amid the pandemic as containment measures introduced millions to the convenience of online shopping, and prompted seasoned online shoppers to buy more.</p>.<p>Social distancing compulsions, massive smartphone base and reliable broadband have galvanised e-commerce uptake beyond metros, deep into smaller cities and towns.</p>.<p>E-commerce companies are ramping up capacities and hiring to cater to the growth in order volumes.</p>.<p>McKenna also noted that after Covid, there is an increase in digital penetration overall in India.</p>.<p>Talking about PhonePe, McKenna said the payment platform has just crossed the 300 million users mark in a five-year period.</p>.<p>"So they (PhonePe) are going into new financial services areas, be that gold... insurance, mutual funds and different areas, which are all strengthening to the P&L... So confident and happy with the progress the businesses are making," she said. </p>
<p>US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale.</p>.<p>Both Flipkart and payment app PhonePe continue to do well, Walmart International President and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7.</p>.<p>"We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna.</p>.<p>However, she noted that there is no specific timeline for the IPO.</p>.<p>"But if we build a strong business, and we continue to do the things that we need to do to ensure that long-term and sustainable growth, that is a possible route that we would consider in the future, but certainly no specific timeline on that (IPO)," she said.</p>.<p>Walmart Inc owns a majority stake in Flipkart. It had invested $16 billion in 2018 in the Bengaluru-based e-commerce platform to pick up 77 per cent stake. In July last year, it led a $1.2-billion round in Flipkart, valuing the e-commerce firm at $24.9 billion.</p>.<p>According to sources, SoftBank Group is in discussions with Flipkart to pump in about $500-600 million into the Walmart-owned e-tailer.</p>.<p>The transaction -- which may also see participation from Singapore's sovereign wealth fund GIC and Canadian pension fund CPPIB -- could value Flipkart at $30-32 billion, they added.</p>.<p>Flipkart is also said to be working on launching its initial public offering (IPO) next year.</p>.<p>McKenna further said both Flipkart and PhonePe businesses are doing well.</p>.<p>"I am really pleased with what they have done since we acquired them. We have said that clearly a number of times," she added.</p>.<p>E-commerce has seen strong growth in India amid the pandemic as containment measures introduced millions to the convenience of online shopping, and prompted seasoned online shoppers to buy more.</p>.<p>Social distancing compulsions, massive smartphone base and reliable broadband have galvanised e-commerce uptake beyond metros, deep into smaller cities and towns.</p>.<p>E-commerce companies are ramping up capacities and hiring to cater to the growth in order volumes.</p>.<p>McKenna also noted that after Covid, there is an increase in digital penetration overall in India.</p>.<p>Talking about PhonePe, McKenna said the payment platform has just crossed the 300 million users mark in a five-year period.</p>.<p>"So they (PhonePe) are going into new financial services areas, be that gold... insurance, mutual funds and different areas, which are all strengthening to the P&L... So confident and happy with the progress the businesses are making," she said. </p>