Walmart’s Indian e-commerce company Flipkart has raised its IPO valuation target to $60-70 billion. According to sources close to the matter, the company has extended its planned U.S. listing to 2023.

An initial public offering (IPO) is also regarded as a stock launch. It is a public offering where shares in a company are sold to institutional and retail investors.

The reason for the extension stems from the company’s decision to further boost valuations further by focusing on two of its relatively new businesses, e-health services and travel bookings.

The company also extended its planned listing due to the ongoing Russia-Ukraine crisis.

While Walmart invested about $16 billion in 2018, a 77% stake in Flipkart, the e-commerce platform was able to boost its financial strength after raising $3.6 billion in 2021. After the funding, the company was valued at $37.6 billion.

According to one of the sources, Flipkart is seeking to expand its services and an IPO was not necessary at the moment.

The sources for this piece include an article in Reuters.