The retail giant in its August-October quarter earnings said net sales for Walmart International stood at $29.6 Bn, up 1.3% on account of strong growth registered by Flipkart
Wallmart CEO says Flipkart and PhonePe have seen a strong quarter, with monthly active users being on an all-time high for the platforms
In July, Flipkart Group raised close to $1.2 Bn from majority owner Walmart
American retail giant Walmart Inc. on Tuesday said that its Indian ecommerce unit Flipkart and payment app PhonePe have seen a strong quarter on the back of ‘Big Billion Day’ sales, with monthly active users (MAU) on an all-time high for the Indian etailer.
The retail giant in its August-October quarter earnings said net sales for Walmart International stood at $29.6 Bn, up 1.3% from the year-ago quarter on account of strong growth registered by Flipkart in India.
“In India, Flipkart and PhonePe have seen a strong quarter, with monthly active users (MAUs) being on an all-time high for the platforms,” said Doug McMillon, president and CEO, Walmart Inc on an earnings call.
Walmart said that while its net sales continue to be impacted by the continuation of the pandemic, total revenue stood at $134.7 Bn, an increase of $6.7 Bn, or 5.2% from the corresponding period last year.
In July, Flipkart Group raised close to $1.2 Bn from majority owner Walmart, along with a group of existing shareholders, to bolster its ecommerce operations. The investment valued the Flipkart Group at $24.9 Bn in post-money valuation.
Post this round, Flipkart has been heavily doubling down on categories including fashion as well as grocery, picking up minority stakes in offline retailers including – Arvind Youth Brands for INR 260 Cr and a 7.8% stake in Aditya Birla Fashion and Retail Ltd for INR 1500 Cr.
Meanwhile, Flipkart’s subsidiary PhonePe leads the digital payment sector in India with around 42% market share.
Flipkart Group had on Tuesday (November 17), acquired 100% stake in augmented reality (AR) company Scapic to enhance its immersive shopping experience capabilities. The ecommerce giant earlier this month, had acquired Bengaluru-based mobile gaming startup Mecha Mocha.
According to a report by the market tracker, RedSeer Consulting, Flipkart had beaten Amazon fair and square in the first week of the festive sale between October 16-21.