Walmart in no rush to open stores in India, plans to focus on Flipkart, PhonePe
U.S.-based retail giant Walmart aims to focus on its acquisitions in India, namely e-commerce giant Flipkart and PhonePe, and has no current plans to open direct-to-consumer brick-and-mortar stores in India.
“We've got an omni-channel strategy that includes both of those components,” said Walmart’s chief executive Doug McMillon about Flipkart and PhonePe at the recent Global Business Summit, the Press Trust of India reported.
“And when you have both components, the customer experience can be more seamless, and there are advantages to being able to go to a store if you wanted to. But, we're not focused on that at the moment. What we're focused on is supporting Flipkart and PhonePe to be successful.”
McMillon expressed that he is pleased with how Walmart’s investment in Flipkart and PhonePe is going and said that the business is committed to uplifting India as a whole. The executive also confirmed that the business’ ultimate plan is to launch an initial public offering for Flipkart but he did not give a timeline for the move, saying that the priority is to establish a strong foundation first.
Walmart acquired Flipkart and PhonePe in a deal valued at $16 billion several years ago. The deal was met with protest from a number of traders’ bodies including the Confederation of All India Traders which continues to protest Walmart’s business operations in India through boycotts, strikes, and petitions to the government.
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