At an investor conference, Walmart’s Chief Financial Officer stated that Walmart’s Flipkart marketplace and PhonePe payments business in India have the potential to become $100 billion (Rs. 8,19,750 crore) enterprises due to their strong growth. Although Walmart does not provide specific sales figures for Flipkart and PhonePe, their executives have recognized these two businesses as crucial drivers for achieving their goal of doubling the gross merchandise volume in foreign markets to $200 billion (nearly Rs. 16,20,800 crore) within five years.
Previously, Walmart’s international chief described India’s population of 1.4 billion as a “significant” opportunity for the company. In the recent quarter ending April 30, Walmart reported double-digit sales growth for its Flipkart business, attributing it to new shoppers in certain cities and a 50 percent increase in ad sales. Back in 2022, Flipkart was valued at over $40 billion (nearly Rs. 3,27,900 crore) and is considered one of India’s most valuable startups.
PhonePe, on the other hand, achieved outstanding performance, according to Walmart, particularly through its utilization of the Unified Payments Interface, a highly popular method in India for instant real-time payments. As of December, PhonePe controlled 46 percent of the payments market, with 400 million registered users, as stated by the National Payments Corporation of India. To further bolster its position as India’s most valuable payments startup, Walmart invested an additional $200 million (nearly Rs. 1,640 crore) in PhonePe in March at a pre-money valuation of $12 billion (nearly Rs. 98,360 crore).
Walmart’s Chief Financial Officer, John David Rainey, expressed the belief that both Flipkart and PhonePe have the potential to become $100 billion businesses in the future.
On a different note, Apple recently unveiled its first mixed reality headset, the Apple Vision Pro, during its annual developer conference. Additionally, the company showcased new Mac models and upcoming software updates. For more details on all the significant announcements made at WWDC 2023, you can listen to Orbital, the Gadgets 360 podcast. Orbital is available on various platforms such as Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, and Amazon Music.
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Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
