Walmart India revenue rises 11 percent, net loss doubles to Rs 172 crore
Walmart’s India unit witnessed an 11 percent rise in its revenue to Rs 4,065 crore ($572.6 million) for the financial year ended March 2019.
The company’s net loss, however, continued to soar doubling this year to Rs 172 crore as against the previous fiscal, as per documents filed with the Registrar of Companies.
Walmart India attributed the losses to its long term strategy for India stating that it reflects the company’s investments to drive future growth
The company is betting big on the Indian market for growth and considers it one of the most important foreign markets for the company. It has been investing heavily in the Indian market in infrastructure development, technology, and expansion.
Walmart, which entered India in 2009, had acquired a 77 percent stake in Binny Bansal and Sachin Bansal founded e-commerce platform Flipkart for $16 billion, in May 2018. This was one of the biggest acquisitions in the Indian e-commerce segment so far.
Walmart’s India unit has planned an investment of about $500 million to open 47 stores in the country by 2022.
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