The battle between Amazon India and Flipkart has taken a new turn, with both e-commerce giants gearing up for their initial public offerings (IPOs) in India. Reports suggest that Amazon has started early-stage discussions regarding its IPO plans, aiming to strengthen its foothold in the Indian market. According to sources, the company has consulted Wall Street banking giant JP Morgan and is in talks with Indian investment banks to explore listing opportunities.
This move is seen as a response to Flipkart’s aggressive IPO strategy, with the Walmart-backed company planning to go public by late 2025 or early 2026. Flipkart has already initiated steps to shift its domicile back to India, positioning itself as a strong candidate for a domestic listing. Meanwhile, Amazon’s decision to consider an IPO stems from its goal to comply with Indian regulations, which favor local firms operating under an inventory model. Unlike foreign entities, which must follow a marketplace model, domestic firms can own inventory, enabling them to offer faster deliveries and reduce logistics costs.
Recent reports indicate that Amazon invited 8 to 10 investment banks for discussions, with senior executives from India and the US participating in the meetings. While the conversations are still at an early stage, this signals Amazon’s serious intent to go public.
Currently, Amazon is still trailing Flipkart in India, particularly in non-metro cities, where Flipkart has built a stronger customer base. As both companies race toward their IPOs, investors are keen to see which e-commerce leader will get listed first and gain an edge in the highly competitive Indian market.
