During Walmart’s yearly institutional investors call, CFO and executive vice president John David Rainey stated, “I believe India is going to be the largest (International) market in the world this year, surpassing China. It’s a really promising opportunity in the future.”
Bentonville, Arkansas-headquartered Walmart, is the majority owner of Flipkart, an e-commerce marketplace with more than 400 million users, and PhonePe, a payment app in India. The ownership separation between PhonePe and the Flipkart Group was referenced in Walmart’s financial results. This resulted in a 262-basis point rise (bps) in operational costs. Additionally, for sale events, Walmart International’s gross profit rate climbed by 52 bps. This includes BigBillionDays, Flipkart’s signature sale during the Diwali festival.
According to the Boston Consulting Group and Retailers Association of India (BCG-RAI) analysis, India’s retail sector is predicted to grow at close to 10% CAGR to reach approximately $2 trillion by 2032. And, according to industry experts, it is “on the cusp” of seeing advancements in both physical and e-commerce through the use of new technologies.
Last updated: December 26th, 2025
