Indian e-commerce platform Flipkart has contributed to Walmart’s robust international sales growth, posting double-digit revenue growth in the quarter ended April 30, 2023. Walmart announced a 13% year-on-year increase in international sales, amounting to $26.8 billion in Q1, buoyed by strong performance in India, China, and Mexico.

Walmart’s earnings call revealed that Flipkart’s contribution profit has also improved during the quarter. With its e-commerce platform expanding to Tier-II and III cities and its logistics business, Ekart, now collaborating with over 35,000 kirana partners, Flipkart’s presence continues to grow.

Flipkart’s new products and services are also experiencing substantial growth. Flipkart Travel, which introduced bus reservation services during the quarter, already offers a staggering one million bus connections to customers.

Meanwhile, Walmart highlighted the achievements of its Indian fintech platform, PhonePe, which reached an annualized total payment volume (TPV) of $1 trillion for the first time between April 2022 and March 2023. PhonePe has enabled 36 million online merchants to expand their businesses.

Impressed by the Indian market’s potential, a Walmart executive described Flipkart and PhonePe as a “mutually reinforcing flywheel” that strengthens the parent company’s position in the country. Walmart’s CEO, Doug McMillon, expressed enthusiasm about the opportunities in India, emphasizing the strong performance of Flipkart, PhonePe, and Walmart’s tech team.

Walmart aims to further enhance its presence in India by increasing its sourcing of Indian goods. McMillon announced a target to source $10 billion worth of Indian goods annually by 2027.

Overall, Walmart reported better-than-expected consolidated revenue of $152.3 billion, a 7.6% YoY increase in Q1 FY24. The company’s net income for the quarter amounted to $1.67 billion, or 62 cents per share. With Flipkart’s impressive growth and the success of PhonePe, Walmart is capitalizing on the Indian market’s potential and driving its international sales forward.

Indian e-commerce platform Flipkart has contributed to Walmart’s robust international sales growth, posting double-digit revenue growth in the quarter ended April 30, 2023. Walmart announced a 13% year-on-year increase in international sales, amounting to $26.8 billion in Q1, buoyed by strong performance in India, China, and Mexico.

Walmart’s earnings call revealed that Flipkart’s contribution profit has also improved during the quarter. With its e-commerce platform expanding to Tier-II and III cities and its logistics business, Ekart, now collaborating with over 35,000 kirana partners, Flipkart’s presence continues to grow.

Flipkart’s new products and services are also experiencing substantial growth. Flipkart Travel, which introduced bus reservation services during the quarter, already offers a staggering one million bus connections to customers.

Meanwhile, Walmart highlighted the achievements of its Indian fintech platform, PhonePe, which reached an annualized total payment volume (TPV) of $1 trillion for the first time between April 2022 and March 2023. PhonePe has enabled 36 million online merchants to expand their businesses.

Impressed by the Indian market’s potential, a Walmart executive described Flipkart and PhonePe as a “mutually reinforcing flywheel” that strengthens the parent company’s position in the country. Walmart’s CEO, Doug McMillon, expressed enthusiasm about the opportunities in India, emphasizing the strong performance of Flipkart, PhonePe, and Walmart’s tech team.

Walmart aims to further enhance its presence in India by increasing its sourcing of Indian goods. McMillon announced a target to source $10 billion worth of Indian goods annually by 2027.

Overall, Walmart reported better-than-expected consolidated revenue of $152.3 billion, a 7.6% YoY increase in Q1 FY24. The company’s net income for the quarter amounted to $1.67 billion, or 62 cents per share. With Flipkart’s impressive growth and the success of PhonePe, Walmart is capitalizing on the Indian market’s potential and driving its international sales forward.