Page 6 - Walmart

Flipkart in talks to raise $1 billion, $600 million to come from Walmart

The fundraising is likely to increase Flipkart's valuation by 5-10 per cent from $33 billion earlier

Retail major Walmart sources bicycles from India, partners Hero Ecotech

Global retail major Walmart has started sourcing bicycles from India by entering into a strategic partnership with Hero Ecotech. The first India-made bicycles are hitting select stores in the US market just in time for the holidays, Walmart said in a statement. This is part of Walmart's commitment to triple exports out of India to USD 10 billion annually by 2027, it added. Hero Ecotech has designed a cruiser-style bike for Walmart carrying the Concord brand available in both adult-sized men's and women's versions adding to the company's growing bicycle offerings. The cruisers sold in Walmart US stores are built with more than 90 per cent of raw materials sourced from India. Andrea Albright, Executive Vice President, Sourcing, Walmart said: "India is well-positioned to support increased demand for products by Walmart customers, and we are excited about our partnership with Hero Ecotech. This collaboration furthers our work to strengthen resiliency in our global supply while ...

Walmart turns to India from China for cheaper imports as it cut costs

Only 60% of its shipments came from China during the same period, down from 80% in 2018, the same data shows. To be sure, China is still Walmart's biggest country for importing goods

Flipkart 'TBBD' sales lift Walmart's gross margins in Aug-Oct period

US retail giant Walmart's consolidated gross margins improved in the August-October period, helped by 'The Big Billion Days' sales by its Indian e-commerce arm Flipkart. The festive season, which fell in the third and fourth quarters, boosted Walmart International's sales by 13 per cent, said an earnings statement from US-based retailer Bentonville. Walmart follows a February-January calendar and its third quarter ended on October 31. "Consolidated gross margin rate up 32 bps positively affected by a slight improvement for Walmart US and timing of Flipkart's The Big Billion Days event, which flipped from Q3 last year to Q4 this year," said Walmart. Its consolidated revenue for the quarter was at USD 160.8 billion, up 5.2 per cent and 4.3 per cent in constant currency. Walmart International's net sales during the third quarter were USD 26.7 billion in constant currency terms, while its gross profit rate was up 151 bps. Walmart International business reported a strong growth by its

Indian pharma firm recalls 27 types of eyedrops in US made for CVS, Walmart

The Food and Drug Administration warned consumers last month not to purchase or use store-brand eyedrops from Walmart Inc., CVS Health Corp., Target Corp. and other companies

Myntra strengthens leadership team; elevates Suman Saha to head of HoB

Shirish Srivastava, who recently joined Myntra as the vice president of sourcing in the HoB team, will lead the sourcing charter

PhonePe records revenue of Rs 2,914 crore in FY23, marks 77% jump

The Walmart-owned fintech firm said this growth is led primarily by its focus on market expansion and leadership in the digital payments market.

Brands are handing out freebies at Walmart as online ads lose appeal

In stores across the US, companies are doling out everything from small-batch nut butter and sanitary wipes to Halloween-themed Oreos

InGovern flags concerns with FinMin about Flipkart hiring ex-CCI Officer

InGovern suggests that the integrity of the ongoing CCI probes into e-commerce behemoths Flipkart-Walmart and Amazon is questionable

Google, Walmart ask Bengaluru staff to work at home amid state water row

The dispute over who gets access to the water has been a source of friction between the states of Karnataka and Tamil Nadu for more than a century

US retailer Walmart pays $3.5 billion to increase stake in Flipkart

Flipkart co-founder Binny Bansal, Accel and Tiger Global Management have fully exited the e-commerce firm by selling their stakes to Walmart

Walmart raises forecasts, tops sales estimates on lower price offers

Walmart is also benefiting from lower supply-chain costs and fewer discounts that were previously put in place to cut down excess inventory

2 out of 3 firms paying for employees' upskilling programme: Scaler survey

The 2023 hiring survey stated that 72.02% of the respondents said that data science/algorithm is the most important skill

Binny Bansal, Accel and Tiger Global exit Flipkart with bumper returns

Latest deal puts Flipkart's valuation at $35 bn and prepares it for IPO

Top headlines: Walmart buys more stake in Flipkart, no-confidence motion

Business Standard brings you the top headlines at this hour

Walmart buys Tiger Global's stake in e-com giant Flipkart for $1.4 billion

Separately, venture capital firm Accel also sold its 1 per cent stake in Flipkart to Walmart, the Economic Times reported

Walmart buys out $1.4 billion hedge fund Tiger Global's stake in Flipkart

Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years

Walmart, Flipkart join hands with Telangana govt to upskill, support MSMEs

Walmart and Flipkart on Tuesday announced the signing of a Memorandum of Understanding (MoU) with Telangana government to create an ecosystem to aid capacity building for MSMEs in the state. The pact was signed in the presence of Telangana government's Industries and Commerce Department Principal Secretary Jayesh Ranjan and 'Swasti' programme director Joseph Julian KG, a release said. The MoU between Swasti and the Industries and Commerce Department will facilitate the development of local Micro, small and medium-sized enterprises (MSMEs) towards accessing a wider domestic market space, to leverage online retail and enable sustained growth and commercialisation, it said. Under the new partnership, Walmart will extend its support to help MSMEs digitise their businesses and fuel capacity building for Telangana. This will enable them to be a part of the offline and online domestic supply chains, it said. In partnership with Swasti, Walmart Vriddhi Supplier Development Programme (Walma

Flipkart makes nearly $700 mn cash payout to staff post PhonePe separation

Walmart-backed Flipkart on Friday began mega cash payout to staff, estimated to be worth USD 700 million, following its separation from fintech firm PhonePe. The board of directors of Flipkart had announced the complete separation from the PhonePe business by selling off its entire shareholding in December 2022. Accordingly, the board decided to pay USD 43.67 as compensation for each ESOP (vested options for eligible current and former stakeholders and unvested options only for eligible current stakeholders) as of the record date of December 23, 2022. "Further to the communication made on April 21, 2023, regarding this payout, I am delighted to inform you that the much-awaited compensation will be made today, July 14, 2023," Flipkart CEO Kalyan Krishnamurthy said in an internal e-mail, seen by PTI. In response to an e-mail query by PTI, the company confirmed that the payout following the separation of PhonePe (announced in December 2022) has been made to employees. Meanwhile, in t

Walmart Global Tech gets Balu Chaturvedula as new Country Head for India

US retail giant Walmart's technology arm Walmart Global Tech has promoted Balu Chaturvedula as the country head for India operations, the company said on Tuesday. Chaturvedula joined Walmart in 2015 and was previously the Vice President of Supply Chain Technology for Walmart's US Omni Tech organisation. "We are pleased to welcome Balu in his new role as Walmart Global Tech's Country Head in India. Balu's vast technical expertise and tenure as a Walmart leader will immensely benefit our efforts as a people-led, tech-powered omnichannel retailer," Suresh Kumar, Executive Vice President, Global Chief Technology Officer and Chief Development Officer, Walmart Inc, said. Chaturvedula succeeds Hari Vasudev, who will transition to a global role in Bentonville, Arkansas as Executive Vice President, Global Tech Platforms, the statement said. In his new role, Chaturveda will be based out of Bangalore and lead Walmart Global Tech's vision of innovation. An engineering graduate from the ...