US business Walmart reported that Flipkart witnessed both strong net sales growth and gross merchandise value in its July quarter. Flipkart and Myntra’s performance contributed to Walmart reporting an 11% increase in its international segment sales.
“Flipkart delivered strong GMV and net sales growth as the core business continues to grow well,” said Walmart’s chief financial officer and executive vice president John David Rainey on an earnings call, ET Online reported. “The team continues to work on expanding the ecosystem of product and services like advertising, travel, and healthcare, and on delivering continued contribution [to] profit improvement. Flipkart’s consistent progress and performance reinforces our confidence in the long term value of this business.”
Walmart currently owns a 80% stake in Flipkart, including its subsidiaries Myntra and PhonePe. The July quarter saw PhonePe process five billion transactions in a single month for the first time during the quarter and its annualised total payment volumes crossed the $1.15 trillion mark, ET Bureau reported.
“India is leading the largest digital transformation in the world and Flipkart is the leading marketplace in India,” said Rainey. “Myntra is the country’s largest e-commerce marketplace for fashion and lifestyle, and now provides access to more than 6,000 brands to customers.”
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