Page 7 - Walmart

Amazon to overtake Walmart in beauty by 2025, says Morgan Stanley

Morgan Stanley projects that Amazon will become the biggest player in beauty

Flipkart, PhonePe could be $100 bn businesses in India, says Walmart

Flipkart was valued at more than $40 billion in 2022 and counts itself among India's most valuable startups

Walmart shareholding in fintech firm PhonePe drops to 85% from 89%

Retail giant Walmart's shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of USD 1 billion, the US based firm said. PhonePe has now raised a total of USD 850 million of primary capital in the current round till the end of May. "During the three months ended April 30, 2023, the company received USD 0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent," Walmart said in a latest regulatory filing. Till April 30, the Walmart group firm has raised USD 750 million, including USD 200 million capital infusion from Walmart. General Atlantic and its co-investors have contributed USD 550 million in the ongoing USD 1 billion funding round of PhonePe at a pre-money valuation of USD 12 billion. Ribbit Capital, Tiger Global and TVS Capital Funds have inves

Walmart boost: India's readymade garment exports limping to normalcy in May

However, while export values are up, volumes remain subdued by at least by 5-10 per cent

Walmart looking at sourcing toys, shoes, bicycles from Indian suppliers

US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers here. The company informed toy makers about their requirements and expected quality standards as it is directly engaging with the domestic toy makers for sourcing. Global retailers such as IKEA are already sourcing toys from India for their international operations. The move is significant and highlights India's growing strength in the toy industry, especially since India was a net importer of toys until a few years ago. Confirming the development, a company spokesperson said: ..

Flipkart's double-digit growth helps Walmart sales jump 13% at $26.8 bn

Walmart-owned fintech firm PhonePe saw its annualised total payments volume cross $1 trillion in Q1

Walmart Inc lifts annual sales, profit view on resilient consumer spending

Walmart has been keeping grocery prices low to fend off competition from Target Corp and Kroger, as Americans continue to struggle with paying high prices for food

Walmart-owned Flipkart sees two top-level exits, both after eight years

Early this year, Flipkart told staff it won't be handing out increments to senior leadership in a 'difficult decision' that was expected to impact 4,500 personnel

Meeting with Walmart CEO fruitful one, had insightful discussions: PM Modi

Prime Minister Narendra Modi on Sunday said his recent meeting with Walmart CEO Doug McMillon was a fruitful one during which they had insightful discussions on different subjects. Modi also said he was happy to see India emerge as an attractive destination for investment. McMillon had called on Modi last week. "The meeting with Mr. Doug McMillon, CEO of @Walmart, was a fruitful one. We had insightful discussions on different subjects. Happy to see India emerge as an attractive destination for investment," Modi tweeted. On May 11, Walmart Inc. had tweeted, "Thank you Prime Minister @narendramodi for a great conversation. We are working toward exporting USD 10B per year from India by 2027 and are committed to strengthening logistics, skill development & supply chains to make India a global export leader in toys, seafood & other goods." "The visit with Prime Minister @narendramodi reinforces the shared value we bring working alongside India. Together, we'll continue to support ..

Weekend bites: Falling valuations, Go First, Adani, and laughing apps

In which we munch over the week's platter of news and views

India can repeat UPI success in e-commerce: Walmart CEO Doug McMillon

'We talk about India in every board meeting'

E-commerce platforms growing slower than expected as sale drops: Report

According to several industry insiders, the pandemic-related tailwinds that drove significant growth in online shopping are now waning

Walmart committed to India and here for the long term: CEO Doug McMillon

McKenna said India has long been a priority market for Walmart

Infosys partners with Walmart Commerce Technologies to help retailers

Indian IT services company Infosys on Wednesday said it has joined hands with Walmart Commerce Technologies to help retailers harness technology solutions that simplify customer and store employee experiences. Infosys will help retailers implement and use Store Assist, which enables them to provide "seamless omnichannel experiences" such as pickup, delivery and ship from store for both employees and customers, the company said in a statement. "Infosys today announced a new collaboration with Walmart Commerce Technologies to help retailers leverage technology solutions that simplify customer and store employee experiences," it said. It is pertinent to mention that Infosys has a consumer and retail focused practice that has been helping retailers, consumer tech, consumer packaged goods and logistics companies navigate their way through digital and emerging technologies over the last three decades. Through platforms like Infosys Equinox, partner products, and leading digital ...

Walmarts to Flipkarts, all have role in making ONDC a success: Piyush Goyal

According to the minister, small artisans and workers can offer better quality products through ONDC and also earn better, without having to pay commission

Walmart bets on supply-chain automation, dangles profit potential

Walmart says its revamped supply chain will enable it to ease cost pressures tied to the rise of e-commerce and help end a decade of stagnation in US operating income

Apple to cut some jobs; Walmart to fire more than 2,000, says report

The company is shedding positions in what it calls its development and preservation teams. Those groups are responsible for the construction and upkeep of Apple retail stores

Walmart sees more than 2,000 job cuts in e-commerce warehouses across US

The losses include more than 1,000 positions at a warehouse in Fort Worth

Walmart Foundation to support 1 mn small farmers in India over next 5 yrs

Walmart Foundation on Wednesday announced its plan to support an additional 1 million smallholder farmers in India, with at least 50 per cent women, in the next five years. The foundation also announced two new grants, which include USD 3 million to TechnoServe for reaching out to 30,000 farmers and 24 farmer producer organisations (FPOs) in Maharashtra and Andhra Pradesh, with 50 per cent of them expected to be women. Another grant of USD 533,876 (over Rs 4.41 crore) to NGO Trickle Up to reach out to 1,000 women smallholder farmers in Odisha, connecting them with two FPOs, she said, adding that the focus is to ensure the system works better for farmers. Addressing a conference here, Walmart Foundation President Kathleen McLaughlin said: "The foundation's latest commitment to expanding market access for smallholder farmers in India builds on our efforts to identify solutions that can systemically help create shared value for all stakeholders." The aim is to enhance farm inputs, ...

Flipkart undertakes management rejig amid resignations, high costs: Report

Ravish Sinha, senior VP at Flipkart, has resigned. He was the VP of engineering before taking up the role of SVP of supply chain