Walmart highlights Flipkart's strong performance in boosting net sales of its International business and in expanding the gross profit rate.
Walmart said that Flipkart and PhonePe are seeing a record number of monthly active customers, with the Indian ecommerce company driving the top line growth for Walmart International. During its September quarter earnings announced on November 17, Walmart highlighted that Flipkart's strong performance in boosting net sales of its International business and in expanding the gross profit rate.
Recommended ArticlesView All
Decoding multi-year health insurance policy — What is it and what are key benefits?
IST3 Min(s) Read
View | Pakistan Election: Will Imran Khan's changed tack from long march to resignations to snap poll work?
IST5 Min(s) Read
View | G20 Presidency: India can shape global Web3 narrative
IST6 Min(s) Read
"Walmart International net sales were $29.6 billion, an increase of 1.3 percent. Excluding currency, net sales would have been $30.6 billion, an increase of 5 percent led by Flipkart, Canada and Walmex. Strong growth in net sales at Flipkart was helped by a record number of monthly active customers," the company said in its press release.
Walmart CEO Doug McMillan called out the Indian company during the earnings call. "The number of monthly customers at Flipkart, PhonePe are at an all-time high," he said.
PhonePe recently said that it has 250 million registered users and over a 100 million monthly active users. The company saw a record 925 million transactions in October on its platform.
Flipkart completed its best Big Billion Day sales, Walmart said and added that demand continues.
Post its flagship event that saw "over 666 million visits during the Big Billion Days", Flipkart said that over 52 percent of these visits were recorded from Tier III cities and beyond. Flipkart had stated that 10 million deliveries were achieved with more than 3.5 million deliveries done through Kirana partners in the first five days of the Big Billion Day sales.
Walmart named India among its priority markets for international business.