Flipkart, PhonePe doing well: Walmart

NEW DELHI: Walmart’s top leadership expressed optimism about the company’s India opportunity and said that both the Flipkart and PhonePe businesses are doing well. In its Q1FY24 earnings statement issued on Thursday, the US-based retail giant said that the firm’s international net sales increased by 12% on a year-on-year basis to $26.6 billion during the quarter. In constant currency terms, net sales in the segment stood at $26.8 billion during Q1, up 12.9% on a y-o-y basis. “In India, Flipkart’s commerce platform continues to scale…expanding its reach in tier two and three cities. Flipkart’s ekart business now includes more than 35,000 kirana partners. The team continues to expand their products and services. In India, Flipkart had strong topline results,” executive vice-president and chief financial officer John David Rainey during the company’s earnings call.

The CFO said that the PhonePe business continues to deliver, having touched more than $1 trillion in annualised total payments value (TPV) during the quarter.