NEW DELHI: Walmart’s top leadership has expressed optimism about the company’s prospects in India, saying that both the Flipkart and PhonePe The companies are doing well. In its earnings statement for the first quarter of fiscal 2024, released Thursday, the U.S.-based retail giant said the company’s international net sales grew 12% quarter-on-quarter year-over-year to $26.6 billion. At constant currencies, segment net sales were $26.8 billion for the first quarter, up 12.9% year over year. “In India, Flipkart’s trading platform continues to scale and expand its reach in tier two and tier three cities. Flipkart’s Ekart business now includes more than 35,000 Kirana partners. The team is continuously expanding its products and services. “In India, Flipkart delivered strong revenue results,” said Executive Vice President and Chief Financial Officer John David Rainey during the company’s earnings announcement.
The CFO said that the PhonePe business continued to thrive, achieving more than $1 trillion in Total Annual Payments Value (TPV) during the quarter. Rainey stated that Flipkart saw improvements across all business metrics and even helped strengthen the retailer’s international advertising business during the quarter. “What we’ve seen in India is the building of a self-contained ecosystem… between our engineering capabilities, our sourcing capabilities, Flipkart and PhonePe, it’s becoming a mutually reinforcing flywheel of strength for this market,” added Judith McKenna. President and CEO at Walmart International.
Addressing India, President and CEO Doug McMillon reiterated that Walmart has a strong opportunity to increase its exports from the country across multiple commodity categories. “A group of us were there last week and we left even more excited about our opportunities,” McMillon said. Walmart aims to source $10 billion worth of Indian-made goods every year by 2027.
The CFO said that the PhonePe business continued to thrive, achieving more than $1 trillion in Total Annual Payments Value (TPV) during the quarter. Rainey stated that Flipkart saw improvements across all business metrics and even helped strengthen the retailer’s international advertising business during the quarter. “What we’ve seen in India is the building of a self-contained ecosystem… between our engineering capabilities, our sourcing capabilities, Flipkart and PhonePe, it’s becoming a mutually reinforcing flywheel of strength for this market,” added Judith McKenna. President and CEO at Walmart International.
Addressing India, President and CEO Doug McMillon reiterated that Walmart has a strong opportunity to increase its exports from the country across multiple commodity categories. “A group of us were there last week and we left even more excited about our opportunities,” McMillon said. Walmart aims to source $10 billion worth of Indian-made goods every year by 2027.
