Last Updated: June 15, 2023, 04:29 IST<\/span><\/p>\n<\/div>\n New York, United States of America (USA)<\/span><\/p>\n<\/div>\n<\/div>\n Shopping trolley is seen in front of Flipkart logo in this illustration, July 24, 2022. (Reuters File Photo)<\/p>\n<\/div>\n Walmart\u2019s Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer\u2019s chief financial officer said on Wednesday at an investor conference.<\/p>\n Walmart does not break out sales of Flipkart and PhonePe but over the past few months, executives have singled out the two businesses as key drivers in meeting its target of doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years.<\/p>\n Walmart\u2019s international chief has previously called India\u2019s 1.4 billion population a \u201csignificant” opportunity for the retailer.<\/p>\n In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50% jump in ad sales. Flipkart was valued at more than $40 billion in 2022 and counts itself among India\u2019s most valuable startups.<\/p>\n Walmart also called PhonePe\u2019s performance \u201creally impressive” after it hit an annualized payment value of $1 trillion led by the Unified Payments Interface, a highly popular method in India to make instant real-time payments.<\/p>\n PhonePe controlled 46% share of the payments market in December, according to National Payments Corporation of India, and has 400 million registered users. In March, Walmart gave that business a boost by pouring an additional $200 million at a pre-money valuation of $12 billion, cementing its position as India\u2019s most valuable payments startup.<\/p>\n \u201cIt is not crazy to think that both those businesses could be $100 billion businesses in the future,” Walmart\u2019s Chief Financial Officer John David Rainey said.<\/p>\n (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters<\/a>)<\/i> <\/div>\n [ad_2] [ad_1] Last Updated: June 15, 2023, 04:29 IST New York, United States of America (USA) Shopping trolley is seen in front of Flipkart logo in this illustration, July 24, 2022. (Reuters File Photo) Walmart does not break out sales of Flipkart and PhonePe but over the past few months Walmart\u2019s Flipkart marketplace and PhonePe payments … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-1409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/1409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1409"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/1409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/1410"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Shopping](\"https:\/\/images.news18.com\/ibnlive\/uploads\/2021\/07\/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356\" "\\"Shopping"){kind=logo}
<\/figure>\nWalmart does not break out sales of Flipkart and PhonePe but over the past few months<\/h2>\n<\/div>\n<\/div>\n
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