One year after Walmart made its initial investment into Flipkart, an Indian force in online sales of consumer goods, Judith McKenna, president and CEO of Walmart International, provided a glowing status report of the alliance.
"When Flipkart joined the Walmart family, we said we would accomplish a lot together. And one year on, I’m proud to say we have," said McKenna in a blog post on the company's corporate website. "Before joining us, the Flipkart team had already built one of the most customer-centric businesses in India. Today, I continue to be inspired by the passion, entrepreneurial spirit and creativity they bring to solving everyday problems for our customers in one of the most diverse and dynamic countries in the world."
Founded in 2007 by two former Amazon employees, Flipkart emerged as a leader in electronics, appliances, mobile, fashion and apparel, leveraging a powerful technology foundation that includes artificial intelligence. Walmart's initial investment of $2 billion a year ago helped capture a $77 billion stake in the Indian company. Prior to the Walmart cash infusion, Flipkart and its affiliates recorded gross merchandise volume of $7.5 billion and net sales of $4.6 billion, representing more than 50% year-over-year growth.
In addition to giving Walmart unprecedented access to 150 million shoppers, McKennas said Flipkart has had many important successes since the merger, including the lunch of a co-branded credit card and the growth of its PhonePe digital payments platform, the latter of which she said is "another step toward providing small business owners with new payment options that create convenience. And it’s another thoughtful way we’re connecting the dots across Flipkart and Walmart–strengthening both businesses in the process."
McKenna concluded her FlipKart anniversary update by noting that "at the heart of any great business is great people. And to have great people, you need to have an inclusive business," which she said is evidenced by Flipkart’s “Wishmasters" delivery experts. "At Flipkart, every order is treated as a customer’s wish. And not only are they doing a brilliant job of granting customers’ wishes, but they’re doing something truly special to create a more inclusive team."