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News on Medial
Walmart is upbeat about Flipkart and PhonePe: Walmart CFO
YourStory
·
1m ago
Medial
Walmart is optimistic about Flipkart's strong growth, despite pressures on profitability due to significant investments in quick commerce. Flipkart plans to open 800 dark stores by year-end. India’s quick commerce segment constitutes about 20% of the ecommerce business, growing at 50%. Flipkart aims to hire 5,000 staff in 2025 across various sectors. Walmart CFO Rainey expresses excitement over Flipkart’s prospects and PhonePe’s upcoming IPO, highlighting India as an appealing market for Walmart.
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PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart
Economic Times
·
1y ago
Medial
Walmart announces that its digital payments firm, PhonePe, has reached a Total Payment Value (TPV) of $1.3 trillion, comparable to major US fintech players. Walmart acquired PhonePe in 2018 as part of the Flipkart deal. PhonePe controls 50% of India's payments market and raised $850 million in 2023. Despite ongoing discussions about a Flipkart IPO, Walmart hasn't finalized a timeframe, focusing on improving Flipkart's financials. PhonePe and Flipkart are potential IPO candidates, with PhonePe being a leading payment company globally outside of China.
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IPOs of Walmart's Flipkart, PhonePe could take couple of years: Walmart executive
Economic Times
·
1y ago
Medial
Walmart's Flipkart marketplace and PhonePe digital payments platform may go public within the next couple of years, according to a Walmart executive. The initial public offering (IPO) of PhonePe could come before Flipkart, despite Flipkart being a more established business. PhonePe is one of India's largest payment platforms and is tied to the country's Unified Payments Interface (UPI), enabling users to transfer money across multiple banks. The exact timing of the IPO and choice of exchange for listing are still being considered. Executives believe that both Flipkart and PhonePe could become $100 billion businesses.
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Flipkart valuation declines by over Rs 41,000 crore in two years
Economic Times
·
1y ago
Medial
Flipkart's valuation has reportedly declined by $5 billion to $35 billion as of January 2024 compared to $40 billion in January 2022. The decline is attributed to the demerger of Flipkart's fintech subsidiary, PhonePe. However, sources suggest that the current valuation of Flipkart is still in the range of $38-40 billion. Walmart, Flipkart's parent company, increased its stake in Flipkart to approximately 85% in FY2024. Flipkart disputes the decrease in valuation reported by Walmart, stating that the valuation adjustment was made due to the separation of PhonePe. Flipkart's GMV has grown significantly, increasing its current valuation.
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Flipkart, PhonePe on path to profitability: Walmart CFO
Economic Times
·
1y ago
Medial
Ecommerce firm Flipkart and payments services provider PhonePe, both owned by Walmart, are making progress towards profitability. Flipkart's losses in the ecommerce segment have improved, providing confidence in the financial outlook for the business. Walmart is evaluating the right time to take Flipkart public, with its profitability path influencing the timing of its IPO. PhonePe, on the other hand, has been performing well, handling approximately $1.5 trillion worth of total payment volume annually. The platform has become one of the largest payment providers in the world outside of China.
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Walmart buys out $1.4 billion stake in Flipkart from Tiger Global
Reuters
·
1y ago
Medial
Walmart has acquired Tiger Global's stake in Flipkart for $1.4 billion, leading to a valuation of $35 billion for the Indian e-commerce company. Previously valued at nearly $38 billion in 2021, Flipkart's valuation was adjusted internally after its separation from PhonePe. In 2018, Walmart had purchased a 77% stake in Flipkart for $16 billion.
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Exploring Right Time For Flipkart IPO: Walmart International CEO
Inc42
·
1y ago
Medial
Flipkart, the Indian e-commerce giant owned by Walmart, is considering the right time for its initial public offering (IPO), according to Walmart International's CEO Kath McLay. Flipkart has been witnessing strong growth and has been EBITDA positive for the past two quarters. Walmart reported a profit of $5.1 billion for Q1 2024. Flipkart's operating revenue in FY23 increased by 42% YoY to INR 14,845.8 crore, while its B2C arm's net loss declined 9% to INR 4,026.5 crore. PhonePe, Flipkart's digital payments arm, also experienced strong growth.
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Walmart-backed Flipkart to shift base back to India from Singapore
VCCircle
·
3m ago
Medial
Walmart-backed Flipkart plans to relocate its holding company from Singapore to India, aligning its structure with core operations and preparing for a domestic IPO. This move reflects a trend where Indian startups are shifting back from overseas financial hubs like Singapore for better IPO prospects. Flipkart, originally based in Singapore since 2011, aims to follow a path similar to PhonePe, which successfully relocated to India. Walmart acquired a controlling interest in Flipkart in 2018.
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Walmart Inc leadership meets Prime Minister Narendra Modi - The Economic Times
Economic Times
·
28d ago
Medial
Walmart CEO Doug McMillon and leadership met Prime Minister Narendra Modi to discuss Walmart's expanding partnership with India, involving Flipkart, PhonePe, and Walmart Global Tech. Walmart committed to $10 billion in annual exports and innovation investment. This meeting marks McMillon’s second visit to India in under 18 months, and the first time a member of the Walton family, Steuart Walton, accompanied. India remains central to Walmart's strategy.
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Working with suppliers to achieve target of $10B sourcing from India: Walmart CEO
YourStory
·
1m ago
Medial
Walmart aims to reach a $10 billion sourcing goal from India by 2027, focusing on categories like apparel, food, and toys. The company has made significant progress in sourcing with increased collaboration with Indian suppliers. During his India visit, Walmart CEO Doug McMillon emphasized the growth of their ecommerce platforms Flipkart and PhonePe, and highlighted Walmart Vriddhi’s role in empowering MSMEs. Walmart has sourced goods worth over $30 billion from India in the past two decades.
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Flipkart, PhonePe could be $100 bn businesses: Walmart CFO
Inshorts
·
2y ago
Medial
During a conference, Walmart's Chief Financial Officer, John David Rainey, expressed his belief that both Flipkart and PhonePe have the potential to become $100 billion businesses in the future. Rainey emphasized India's significance and the attention it receives in terms of Walmart's international aspirations. Earlier this year, Walmart invested an additional $200 million in PhonePe, demonstrating its commitment to the Indian market.
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