The highly anticipated initial public offering (IPO) of Flipkart has reportedly been deferred for the time being, with parent Walmart asking the e-commerce major to prioritise profitability before pursuing public listing plans.

The latest move suggests Walmart may not be under immediate pressure to monetise its India investments.

According to reports, Flipkart is now targeting EBITDA breakeven by the end of FY27. As a result, the company is unlikely to proceed with either its proposed IPO or any pre-IPO fundraising until it achieves the profitability milestone.

The discussions were reportedly held during Walmart CEO and President John Furner’s recent visit to Bengaluru, his first trip to India.

The development comes soon after PhonePe, another Walmart-backed company, deferred its IPO plans amid geopolitical uncertainties and heightened volatility in global financial markets. The digital payments and financial services major had received approval from the Securities and Exchange Board of India (Sebi) for its IPO on January 20, 2026, after confidentially filing its draft papers on September 23, 2025. The company subsequently submitted its Updated Draft Red Herring Prospectus (UDRHP) a day later.

The Bengaluru-headquartered company was aiming to raise up to ₹12,000 crore through the public issue, which would be entirely an offer for sale by existing investors, including Walmart, Tiger Global Management and Microsoft.

For FY25, Flipkart India Pvt. Ltd. reported a consolidated net loss of ₹5,189 crore, widening from ₹4,248.3 crore in the previous financial year, according to data accessed from Tofler. The e-commerce major, however, saw its revenue rise 17.3% year-on-year to ₹82,787.3 crore in FY25, compared with ₹70,541.9 crore in FY24.

Losses attributable to six associate companies and one joint venture also increased during the year, climbing to ₹172 crore from ₹54 crore a year earlier.

Meanwhile, Flipkart Internet, which operates the online marketplace business, narrowed its standalone net loss to ₹1,494.2 crore in FY25 from ₹2,358.7 crore in FY24. Its revenue increased 14% year-on-year to ₹20,493.3 crore.

Earlier in March, Flipkart completed the process of relocating its holding entity from Singapore to India, more than a decade after shifting its headquarters overseas, marking a key step towards its planned domestic listing.

Founded in 2007 by Sachin Bansal and Binny Bansal, Flipkart has previously been backed by global investors such as Tencent, Tiger Global Management and Microsoft. In May 2018, Walmart acquired a 77% stake in Flipkart for $16 billion in what remains one of the largest global e-commerce deals. By December 2023, Walmart had increased its stake to 80.5% and is now preparing to eventually take Flipkart public.

Flipkart was last valued at around $37 billion in May 2024, when Google, part of Alphabet, invested $350 million in the company for a minority stake.