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NEW DELHI: Walmart’s top leadership expressed optimism about the company’s India opportunity and said that both the Flipkart and PhonePe businesses are doing well. In its Q1FY24 earnings statement issued on Thursday, the US-based retail giant said that the firm’s international net sales increased by 12% on a year-on-year basis to $26.6 billion during the quarter. In constant currency terms, net sales in the segment stood at $26.8 billion during Q1, up 12.9% on a y-o-y basis. “In India, Flipkart’s commerce platform continues to scale…expanding its reach in tier two and three cities. Flipkart’s ekart business now includes more than 35,000 kirana partners. The team continues to expand their products and services. In India, Flipkart had strong topline results,” executive vice-president and chief financial officer John David Rainey during the company’s earnings call.
The CFO said that the PhonePe business continues to deliver, having touched more than $1 trillion in annualised total payments value (TPV) during the quarter. Rainey indicated that Flipkart is showing improvement in terms of all business metrics and has even helped bolster the retailer’s international advertising business during the quarter. “What we have seen in India is a build out of an ecosystem in its own right…between our tech capabilities, our sourcing capabilities, Flipkart and PhonePe, it is becoming a mutually reinforcing flywheel of strength for that market,” added Judith McKenna, president and CEO at Walmart International.
Expanding on the India scope, president and CEO Doug McMillon reiterated that Walmart has a big opportunity to increase its exports from the country across quite a few merchandise categories. “A group of us were there last week and we left even more excited about our opportunities,” McMillon said. Walmart has set a target of sourcing $10 billion of India-made goods each year by 2027.
The CFO said that the PhonePe business continues to deliver, having touched more than $1 trillion in annualised total payments value (TPV) during the quarter. Rainey indicated that Flipkart is showing improvement in terms of all business metrics and has even helped bolster the retailer’s international advertising business during the quarter. “What we have seen in India is a build out of an ecosystem in its own right…between our tech capabilities, our sourcing capabilities, Flipkart and PhonePe, it is becoming a mutually reinforcing flywheel of strength for that market,” added Judith McKenna, president and CEO at Walmart International.
Expanding on the India scope, president and CEO Doug McMillon reiterated that Walmart has a big opportunity to increase its exports from the country across quite a few merchandise categories. “A group of us were there last week and we left even more excited about our opportunities,” McMillon said. Walmart has set a target of sourcing $10 billion of India-made goods each year by 2027.
#Flipkart #Flipkart #PhonePe #Walmart
