Flipkart and PhonePe: Walmart’s Key Growth Engines Eye USD 100 Billion Milestone

Walmart’s Flipkart market and PhonePe funds enterprise in India might be $100 billion companies buoyed by robust development, the retailer’s chief monetary officer mentioned on Wednesday at an investor convention.

Walmart doesn’t escape gross sales of Flipkart and PhonePe however over the previous few months, executives have singled out the 2 companies as key drivers in assembly its goal of doubling the gross merchandise quantity it sells in international markets to $200 billion in 5 years.

Walmart’s worldwide chief has beforehand referred to as India’s 1.4 billion inhabitants a “vital” opportunity for the retailer.

In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50% jump in ad sales. Flipkart was valued at more than $40 billion in 2022 and counts itself among India’s most valuable startups.

Walmart also called PhonePe’s performance “really impressive” after it hit an annualized cost worth of $1 trillion led by the Unified Payments Interface, a extremely widespread methodology in India to make on the spot real-time funds.

PhonePe managed 46% share of the funds market in December, based on National Payments Corporation of India, and has 400 million registered customers. In March, Walmart gave that enterprise a lift by pouring an extra $200 million at a pre-money valuation of $12 billion, cementing its place as India’s most dear funds startup.

“It shouldn’t be loopy to assume that each these companies might be $100 billion companies sooner or later,” Walmart’s Chief Financial Officer John David Rainey said.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)