Flipkart and PhonePe continue to post strong growth in India: Walmart CEO

Walmart International, the segment which includes the retail giant’s operations outside the US, reported net sales of $27.3 billion, a decrease of $2.5 billion or 8.3 per cent in the first quarter for FY2022. But the e-commerce sales increased 49 per cent.

Walmart International retained market growth of 5.1 per cent on constant currency. This was led by strength in India, Canada and China. The Bentonville-based company (in Arkansas) is locked in a battle with US rival Jeff Bezos-led Amazon and Mukesh Ambani-owned Reliance’s JioMart for dominance in India’s online retail and financial services market through Flipkart and PhonePe.

“In India, Flipkart and PhonePe continue to experience strong growth,” said Doug McMillon, president and chief executive officer, Walmart on Tuesday evening, during its first-quarter earnings results.