Flipkart IPO

Senior executives across Flipkart group are exiting or exploring opportunities elsewhere as uncertainty over the timing of its public listing weighs on employees

Leadership reshuffle comes as Walmart-owned e-commerce company prepares for potential India listing and strengthens senior team

Flipkart has completed shifting its holding company from Singapore to India, removing a key hurdle for a potential domestic listing as it strengthens governance and readies for an IPO

At least four senior Flipkart leaders, including SVP Ankit Jain, have quit amid rising cost pressures, IPO plans, and intensifying rivalry in the quick commerce space

Flipkart is a stake Walmart has put down in a market where brick-and-mortar foreign retailers face stifling restrictions

Flipkart, valued at $36 billion, is planning to launch its initial public offering by 2025-26, and will be shifting its domicile from Singapore to India

Execs at rival players say they'll be concerned only after the e-commerce giant succeeds in this space

The SoftBank-backed firm saw over 1 billion orders in last 12 months; its order volumes rose by 43% and revenue by 54%

The deal's terms give investors controlling as little as 14 percent of Flipkart's shares the right to require Walmart to take the Indian company public in as soon as four years

At the time of announcing the deal, Walmart had said it supported the Flipkart management's desire to go public in future