NO RUSH: Chief financial officer Sanjay Baweja said Flipkart wasn't ready yet for the stock market and that an initial public offering was not part of its current three-to-five year business plan.
BENGALURU: India's biggest e-commerce firm Flipkart will remain private for the next three years at least, its chief financial officer said, nixing speculation that it would launch this year an IPO that some bankers had expected to raise a record US$5bil (RM18.01bil).
Flipkart, an online marketplace that analysts estimate to be worth US$11bil (RM39.63bil), has benefited from the foreign funds that have sloshed into India's rapidly growing online retail sector.
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