Great Sales For Flipkart Reported By Walmart

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John David Rainey, Executive VP and CFO of Walmart said that the international sales of Walmart were up by 11% big part of which is due to the double-digit growth in India.

On Thursday, the retail giant Walmart said that their Indian e-commerce unit delivered promise in gross merchandise value(GMV) during the July Quarter. Walmart, which owns almost 80% of Flipkart, also mentioned that PhonePe continues to impress. However, no specific stats were shared supporting these claims by the company. PhonePe displayed tremendous growth, with over 5 billion transactions in a single month surpassing 1.5 trillion dollars in total payment volumes.

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Rainey said on the earnings call, “Flipkart delivered strong GMV and net sales growth as the core business continues to grow well. The team continues to work on expanding the ecosystem of products and services like advertising, travel, and healthcare, and on delivering continued contribution profit improvement.”

Judith McKenna, the president and CEO of Walmart International, who led the international business in over 19 countries, announced her retirement on Wednesday. Though, she will continue to serve on the boards of Walmart Mexico, Flipkart and PhonePe.

Walmart had previously bought a 4% stake in Flipkart from Tiger Global and the 1% from the capital firm Accel leading to the valuation of Flipkart at 35 Billion dollars. Out of this deal, Tiger Global made 3.5 Billion dollars in profit.

 

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Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

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