Flipkart, PhonePe Experience Strong Growth In The First Quarter: Walmart CEO
- ByStartupStory | May 19, 2021
Flipkart, PhonePe experience strong growth in the first quarter of 2021-22 in the Indian market, said US retail giant Walmart on Tuesday. However, in Q1, Walmart International retained market growth of 5.1 percent. Flipkart, PhonePe experience strong growth led by, strength in Flipkart and Canada and ecommerce, which contributed 16 percent of the total net sales of the division.
“In India, for the first quarter, Flipkart and PhonePe continue to experience strong growth, said Walmart President and CEO Doug McMillan in the first-quarter earnings result call. At Flipkart monthly active users and consumers are key metrics and were performing well, he said.
Walmart’s net sales in the US, which is its biggest market, were up 5 percent to $93.2 billion in the reported quarter from $ 88.7 billion in the year-ago period.
“This was a strong quarter. Every segment performed well, and we’re encouraged by traffic and grocery market share trends. Our optimism is higher than it was at the beginning of the year”, Flipkart and PhonePe continue to experience strong growth said Doug McMillan. Walmart Inc owns a majority share in Flipkart. It had invested $16 billion in 2018 in the Bengaluru-based ecommerce platform.
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