Walmart In India

Flipkart co-founder Binny Bansal planning to invest $100-150 mn in PhonePe

PhonePe has a formidable market presence in the Indian digital payments space. The app leverages the Unified Payments Interface (UPI) like its other peers

Walmart beats Q4 expectations, reports strong sales during holiday season

Walmart on Tuesday reported strong sales during the holiday season as budget-conscious consumers looking for better deals flocked to its stores. The report was a good showing for the company, considering consumers had overall cut back on their spending during the traditional November-December shopping period. Though sales rebounded at stores and restaurants last month, showing shoppers are still spending despite higher prices and several interest rate hikes by the Federal Reserve in an effort to curb the problem. The nation's largest retailer also delivered full-year sales of $611.3 billion, up 6.7% compared to the prior year. But it gave cautious guidance for the next fiscal year, saying it expects sales to increase between 2.5% to 3% and U.S. sales to jump 2% to 2.5%. And it forecast adjusted earnings per share ranging from $5.90 to $6.05, excluding fuel. Analysts surveyed by FactSet forecast $6.52 per share, on average. Shares fell more 4% in premarket trading. Walmart, like

Retail giant Walmart gets $1-billion tax bill for PhonePe shift to India

The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt

Flipkart, Walmart ink MoU with NSIC to speed up capacity creation for MSMEs

The three plan to support MSMEs in their quest to integrate with local and global retail supply chains

Flipkart key driver of 13% spike in Walmart's international revenue

Walmart management says early timing of Big Billion Sale, from Q4 last year to Q3 this year, benefited the company

PhonePe revenue up 138% to Rs 1,646 cr; losses narrow to Rs 671 cr in FY22

Better revenue was primarily driven by robust growth across all businesses; contribution margin grew to 88% from 84% the previous year

Walmart India team playing key role in innovation: CEO Doug McMillon

He added that they've changed the way people spend and save and their perception of value as well as how they travel, communicate, and work

Walmart's PhonePe to move headquarters from Singapore to India: Report

Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India, according to a source privy to the development. Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base. When contacted, a PhonePe spokesperson confirmed the development. "We are in the process of moving our registered entity from Singapore to India," the PhonePe spokesperson said. An email query sent to Flipkart elicited no reply. Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years. The e-commerce firm continues to be its biggest shareholder. As per the last fundraise of USD 700 million, about Rs 5,172 crore, PhonePe was valued at USD 5.5 billion. PhonePe had crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) genera

Flipkart starts initiative for academic, extracurricular needs of students

Students form a growing base of customers for the e-commerce giant, constituting close to 32% of all e-commerce shopping

Top Headlines: India airspace coordination, blockbuster M&As, and more

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Walmart not keen on retail stores in India; to focus on Flipkart, PhonePe

American retail giant Walmart is not keen on opening direct-to-consumer physical stores in India

Walmart's Flipkart asks India's top court to stall antitrust queries, probe

Flipkart told the Supreme Court the details sought reinforced its fear of the "invasive nature" of the investigation, and asked it to put on hold both the information request and the overall probe

Flipkart launches Shopsy to enable over 25 mn online entrepreneurs by 2023

With Shopsy, Flipkart aims to enable over 25 million online entrepreneurs by 2023 as they reap the benefits of digital commerce

Flipkart opens all-women run fulfilment centre in Coimbatore

Spread across 120,000 sq ft, the centre will employ over 1,200 people at full capacity

Walmart helps MSMEs get medical support to navigate Covid-19

The programme helps MSMEs support their family members and employees with telecare services, health advice and provides access to pandemic-related business advice and resources.

Robotic packers, AI that reads buyer emotions: Flipkart nurtures startups

The pandemic has not only accelerated a shift to e-commerce but has also spawned startups that are building solutions relevant for the new normal, attracting the attention of big online retailers

Stores closed by farmer protests cost Reliance, Walmart millions in revenue

In November, Punjab estimated economic losses from the protests at $4 billion, while one industry group has pegged the overall hit to India's economy at $9.6 billion

Walmart infuses $1.2 bn in Flipkart, valuing e-commerce firm at $24.9 bn

The Flipkart Group said it closed the additional $1.2 billion equity round to support the continued development of its e-commerce marketplace as India emerges from the Covid-19 crisis

PhonePe launches Super Funds to help users in long-term wealth creation

The Super Fund identifies and invests in top funds across various categories and asset management companies

India business most affected due to Covid-19 outbreak, says Amazon

"The current crisis is demonstrating the adaptability and durability of Amazon's business as never before, but it's also the hardest time we have ever faced," said Jeff Bezos, Amazon founder and CEO.