Flipkart shows strong growth in FY22 Q1
E-commerce giant Flipkart and its payment app PhonePe both showed continued and strong growth in the first quarter of the 2022 financial year and contributed to parent company Walmart International’s overall growth in the quarter.
The first quarter of the current fiscal year saw Walmart retain market growth of 5.1%, which was reportedly, “led by strength in Flipkart and Canada,” the business said in a statement, the Press Trust of India reported.
However, Walmart International, which includes the business’ operations in India, China, Japan, Africa, Canada, the UK, Mexico, Canada, and Chile reported a 8.3% decline in revenue to $27.3 billion (Rs 1.8 lakh crore) in the time period, which Walmart attributes to government-mandated restrictions in certain areas.
“In India, for the first quarter, Flipkart and PhonePe continue to experience strong growth,” said Walmart’s CEO and president Doug McMillan, on the business’ first-quarter earnings result call, ET Bureau reported.
Flipkart plans to expand and ameliorate its logistics and data storage capabilities. The business recently announced that it has entered into a commercial partnership with Indian multinational conglomerate Adani Group to achieve this goal.
“We need to continue to add new capabilities including such areas as logistics and data storage. The recently announced partnership with Adani group would help us to do just that,” said McMillan.
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