Bangalore: US retail giant Walmart Inc. said Tuesday that its Indian e-commerce unit Flipkart and payment app PhonePe have seen a solid quarter thanks to ‘Big Billion Day’ sales, with monthly active users (MAUs) at a high. historical. for the Indian e-tailer.
The retail giant in its August-October quarter earnings report said Walmart International’s net sales stood at $ 29.6 billion, 1.3% more than in the prior-year quarter due to strong growth recorded by Flipkart. in India, as well as for its operations in Canada. and Mexico.
“In India, Flipkart and PhonePe have had a strong quarter, with monthly active users (MAUs) at a record high for the platforms,” said Doug McMillon, president and CEO of Walmart Inc on an earnings call.
Walmart said that while its net sales continue to be affected by the continuation of the global health crisis, total revenue stood at $ 134.7 billion, an increase of $ 6.7 billion or 5.2% over the corresponding period. from last year.
In July, Flipkart Group raised about $ 1.2 billion from majority owner Walmart, along with a group of existing shareholders, to bolster its e-commerce operations. The investment valued the Flipkart Group at $ 24.9 billion in post-money valuation.
Following this round, Flipkart has doubled down considerably in categories including fashion and groceries, acquiring minority stakes in offline retailers such as Arvind Youth Brands to ₹Rs 260 million and a 7.8% stake in Aditya Birla Fashion and Retail Ltd for ₹1,500 crore.
mint It also recently reported that Flipkart could look to go public next year, thanks to the rapid digital transformation in the country. Flipkart would seek a listing abroad, either in the US, where Walmart is based, or in another country, and it could be valued at $ 40-45 billion, according to people familiar with the discussions.
Flipkart’s subsidiary PhonePe is working to become profitable by 2022 and go public by 2023. mint first reported on April 22.
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