Flipkart And PhonePe Payments Have The Potential To Be $100 Billion Companies: Walmart CFO
In the words of Walmart's Chief Financial Officer, John David Rainey, the retailer's Flipkart marketplace and PhonePe payments company in India have the potential to become $100 billion organisations due to rapid development. Rainey emphasised the good success of Flipkart and PhonePe as critical drivers in attaining Walmart's objective of tripling its gross merchandise volume in overseas markets to $200 billion within five years at an investor conference.
While Walmart does not publish exact sales data for Flipkart and PhonePe, company leaders have recently highlighted the importance of these two businesses. Walmart's international president has previously described India's 1.4 billion-person population as a "significant" prospect for the retail giant.
Walmart announced double-digit sales growth for its Flipkart company in the most recent quarter, which concluded on April 30. This expansion was fueled by the addition of new customers in various cities as well as a significant 50% increase in advertising sales. Flipkart, which is expected to be worth more than $40 billion by 2022, is one of India's most valuable firms.
Walmart was likewise enthusiastic about PhonePe's outstanding results. The payments industry achieved an annualised payment value of $1 trillion, owing mostly to the Unified Payments Interface, a widely used real-time payment system in India. According to the National Payments Corporation of India, PhonePe had a 46% share of the payments business as of December.