Recently at an investors conference in London, John David Rainey, chief financial officer, of Flipkart parent Walmart said that Flipkart and payments services provider PhonePe are “on their path to profitability”. In late 2022, PhonePe separated from the Flipkart Group and moved domicile back to India from Singapore.
Rainey said that Flipkart’s losses in the ecommerce segment have been improving, adding that this “gives us a lot of confidence in what the overall financial profile of this business looks like a few years from now”.
During its latest quarterly analyst call in May, Walmart executives had said that they were evaluating the right time to take Flipkart public. At the time, Rainey had said Flipkart had seen double-digit growth for the quarter ended April 30.
In June, Flipkart closed a funding round of about $1 billion that included $350 million from Alphabet-controlled Google, at a $35-36 billion valuation.
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