The retailing giant Walmart has reportedly picked up the leading global investment bank and financial services company Goldman Sachs to raise nearly USD10 billion via an initial share sale of its Flipkart unit.

 According to informed sources, Walmart is planning to sell at least 25 percent in Flipkart which is likely to go public as early as next year at a valuation of USD45 billion-USD50 billion. Walmart acquired Flipkart for USD16 billion in 2018 at a valuation of USD21 billion.

"An IPO has always been part of Flipkart's long-term strategy. However, the focus at present is on growth and democratizing commerce in India through technology, while continuing to unlock customer value," a Flipkart spokesperson said. In the three months ended in October, Flipkart drove international net sales for its parent Walmart and the "strong growth in net sales at Flipkart was helped by a record number of monthly active customers".

Flipkart Group emerged as the leader during the whole festive month with 66 percent share of the total sale. The festive season for this year saw 88 percent customer growth from last year which was driven by about 40 million shoppers from tier 2 and above cities.

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