Flipkart and PhonePe help boost Walmart’s net sales in international business

Flipkart and its payment app PhonePe have helped Walmart record a 1.3 per cent increase in net sales in its international business at US$29.6 billion in the third quarter, ended October 31. The American company had acquired a majority stake in the Indian e-commerce giant for US$16 billion in 2018.

Walmart, in an official statement, said its international segment’s net sales were at US$29.6 billion, an increase of 1.3 per cent. However, it pointed out that changes in currency rates had affected net sales by about US$1.1 billion. The US-based company said net sales would have been US$30.6 billion led by Flipkart, Canada and Walmex. “Strong growth in net sales at Flipkart was helped by a record number of monthly active customers,” it said.

C Douglas McMillon, Walmart President CEO and Director, noted the strong performance of its India units. He said that in India, Flipkart and PhonePe had strong results for the quarter. “The number of monthly active customers for these platforms is at a all-time high,” McMillon said. “This was another strong quarter on the top bottom line. We think these new customer behaviors will largely persist and we are well positioned to serve customers with the value and experience they are looking for.” Brett M Biggs, Walmart Chief Financial Officer and Executive Vice President, said the Indian e-commerce giant continues to perform well and recently completed its best-ever Big Billion Day sales event in October. “Their third quarter Gross merchandise value (GMV) continued to reflect strong demand post-COVID lockdowns with significant growth in monthly active customers.”

Also Read: Flipkart Group acquires Scapic to enhance user experience

E-commerce companies recording high sales is also attributed to the ongoing COVID-19 pandemic. Shoppers have been turning to digital platforms to maintain social distancing.

With inputs from PTI.