India's e-commerce market is expected to reach over $160 billion by 2028, up from an estimated $57-60 billion in 2023. Online retail has accelerated after COVID-19, with the market expanding by $8-12 billion yearly since 2020, according to the How India Shops Online 2023 report by Bain and Co., in...
Walmart Buys Out Tiger Global’s Stake in India’s Flipkart
Walmart paid $1.4 billion to buy out hedge fund Tiger Global’s remaining holding of Flipkart shares as the retail giant further expands its stake in the Indian e-commerce startup. Besides Tiger Global, Flipkart co-founder Binny Bansal along with Palo Alto, CA-based private equity firm Accel, one of the earliest investors...
India Expected to Overtake China to Become Walmart’s largest International Market
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,...
Walmart/Flipkart Partner India’s NSIC to Enhance Exports
Walmart and its India unit Flipkart have allied with the National Small Industries Corporation. (NSIC) to jointly accelerate capacity building for micro, small, and medium enterprises (MSMEs) across India. The partnership will also support MSMEs in their journey to become part of retail supply chains, locally and globally. Tens of thousands...
India Supports over 40 “Unicorn” Startups
In the first four months of 2021, eleven Indian startups have attained unicorn status, meaning they've reached a valuation of at least $1 billion, according to data platform Tracxn. Five startups hit that milestone in April alone. By comparison, there were 13 in all of 2020, and 10 in 2019....
Walmart International’s India Business on Growth Trajectory
Bentonville, Arkansas-based Walmart's two acquisitions in India -- e-commerce firm Flipkart and digital payments firm PhonePe -- have emerged stronger with the adoption of digital technologies during the coronavirus health crisis in India. The company also operates a small chain of "wholesale stores" in India, which sell to the retail...