walmart‘S Flipkart market and PhonePe The payments business in India could be worth $100 billion (Rs 8,19,750 crore), buoyed by strong growth, the retailer’s chief financial officer said at an investor conference on Wednesday.
Walmart doesn’t separate sales from Flipkart and PhonePe, but over the past few months, executives have singled out the two businesses as key drivers to meet its goal of doubling gross merchandise volume in overseas markets. Sells for 200 billion dollars (about Rs 16). ,20,800 crore) in five years.
Walmart’s international head had earlier called India’s 1.4 billion population a “significant” opportunity for the retailer.
Walmart said in its most recent quarter ended April 30 that its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50 percent increase in advertising sales. Flipkart was estimated to be valued at over $40 billion (roughly Rs. 3,27,900 crores) in 2022 and counts itself among India’s most valuable startups.
Walmart calls PhonePe’s performance “truly impressive” as it hits an annual payment value lead Unified Payments InterfaceAn extremely popular way in India to make instant real-time payments.
According to the National Payments Corporation of India, PhonePe controlled 46 percent of the payments market in December, and has 400 million registered users. In March, Walmart boosted that business by infusing an additional $200 million (roughly Rs. 1,640 crores) at a pre-money valuation of $12 billion (roughly Rs. 98,360 crores) and cemented its position as India’s most valuable payments startup .
“It’s not crazy to think that these two businesses could be $100 billion businesses in the future,” said John David Rainey, Walmart’s chief financial officer.
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