Flipkart growth boosts parent company Walmart’s financials

E-commerce giant Flipkart’s double digit growth has contributed significantly to its US-based parent company Walmart’s international sales, thanks to its later Big Billion Days sale event and strong sales towards the end of 2023. Flipkart’s performance helped Walmart’s international sales to also increase in double digits in the recent quarter. 

“We had the best Big Billion Days ever,” said Walmart’s CEO Doug McMillon during an earnings call for the business, TNN reported. As Flipkart’s flagship sale event took place slightly later in October in 2023 compared to in 2022, this boosted overall performance. 
 
“In India, Flipkart’s growth continues to compound in double digits, while PhonePe is now processing more than six billion monthly transactions,” said Walmart’s chief financial officer John David Rainey, TNN reported.

The significance of India to Walmart’s international operations can also been seen in the business’ decision to hold its first ever growth summit in the country last week, ET Bureau reported. Walmart is keen to connect with suppliers across the country as part of its plan to source $10 billion of goods from India by 2027. 
 
In 2018, Walmart acquired a 77% controlling stake in Flipkart in a deal valued at around $16 billion. Since then, Walmart has continued to increase its stake in Flipkart and today owns an 80.5% stake in the Bengaluru-based business.