Flipkart CEO Krishnamurthy signals strong growth amid India IPO plans

Business Standard

7 days ago

Flipkart Group Chief Executive Kalyan Krishnamurthy on Monday said the firm was advancing preparations for a potential initial public offering (IPO) in India, which included shifting its holding company to India from Singapore.
Speaking at an internal town hall, Krishnamurthy said the company's leadership structure is strengthening and that the steps toward relocating Flipkart's legal base to India are progressing as planned, according to people familiar with the matter.
Flipkart is targeting a public listing as early as next year, with a potential valuation of between $60 billion and $70 billion, these people said. If successful, the listing would be the largest consumer technology IPO in India's history.
'As we've initiated the flip back of the company, I am very confident that all of us will continue to focus on profitability with a renewed emphasis on customer centricity,' he said. 'This move brings Flipkart even closer to where our heart has always been,' he said.
The company is currently recording customer and order growth in the range of 20 per cent to 25 per cent, with monthly order volumes averaging around 130 million, the people said.
'We're witnessing a strong uptick in customer growth and orders, which is around 20–25 per cent currently, with a focus on improved efficiency, and we are on track to achieve 30 per cent by June this year,' said Krishnamurthy at Flipkart's internal 'Flipster Connect' event on Monday.
Flipkart, last valued at around $36 billion, has in recent months taken steps to strengthen its board and streamline internal operations as part of its broader preparation for going public.
India's e-commerce market, projected to reach $325 billion by 2030 with an annual growth rate of 21 per cent, is becoming an increasingly competitive arena. Flipkart faces intensifying rivalry from Amazon, Meesho, Reliance's JioMart, and the Tata Group, who are aggressively expanding and innovating to capture market share.
At the event, Flipkart CEO Krishnamurthy, along with senior executives including Seema Nair, senior vice president and chief human resources officer; Hemant Badri, senior vice president and head of supply chain; and Ramesh Gururaja, senior vice president for consumer shopping experience, outlined the company's strategic progress.
The leadership team emphasised momentum in talent acquisition, leadership development, business expansion, and a continued focus on innovation and customer engagement.
Krishnamurthy said Flipkart remains a market leader across categories and customer segments, with growth driven by both core businesses and newer initiatives.
The company's quick commerce service, Minutes, is performing well, and Flipkart is aiming to expand its dark store network to 800 locations by the end of the year.
Krishnamurthy added that innovation is gaining renewed momentum across the platform, with strategic focus areas including customer experience, Shopsy-- its value-focused platform-- travel services, and engagement with Gen Z consumers.
Flipkart's fintech arm, Super.money, is also on a strong growth trajectory, following a series of recent product launches and continued investment in digital financial services.
'We've recently seen some industry veterans across technology, categories, and Adtech join us as we work towards the aggressive goals we've set for ourselves,' he said.
During the session, Seema Nair, chief human resources officer at Flipkart Group, highlighted the company's deepening leadership pipeline, noting an expanding group of next-generation executives stepping into strategic roles across emerging areas of e-commerce.
She emphasised Flipkart's focus on workforce development, pointing to ongoing investments in training and upskilling to help teams capitalise on the sector's growth.
Nair also said the company plans to integrate artificial intelligence more broadly across the organisation, with a focus on equipping employees with advanced AI tools to enhance productivity and innovation.
'With a resilient, collaborative, and future-focused team, we're better positioned than ever to lead the evolution of India's digital retail ecosystem,' Nair said, adding, 'We are proud to consistently drive the culture of entrepreneurship that we have been known for.'