While Bansal is on the exit, the CEO Kalyan Krishnamurthy will continue with his position in the company and no changes regarding his position will be made. Flipkart sealed the world's largest e-commerce deal on Wednesday with Walmart, cementing India's place in the global e-tailing league. We are also excited to be doing this with Tencent, Tiger Global and Microsoft, which will be key strategic and technology partners.
McMillon said the retailer plans to run its cash-and-carry business and online retail in the Asian nation separately for some time and will explore the option of implementing Flipkart's payments ecosystem, including the PhonePe application in other countries. Walmart Inc.is an American Multinational retail corporation which is world's largest company in terms of Revenue.
The immediate focus for Walmart will be on serving customers and expanding Flipkart's business, Walmart supports Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future. Walmart and Flipkart are also in discussions with additional potential investors who may join the round, which could result in Walmart's investment stake moving lower after the transaction is complete.
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"As a company, we are transforming globally to meet and exceed the needs of customers and we look forward to working with Flipkart to grow in this critical market", he said.
Founded in 2007, Flipkart has led the e-commerce revolution in the sub-continent, growing rapidly and earning customers' trust with digital technology, including artificial intelligence to hard-sell a wide range of goods spanning electronics, appliances, mobile, fashion and apparel.
With the investment, Flipkart will leverage Walmart's omni-channel retail expertise, grocery and general merchandise supply-chain knowledge and financial strength, while Walmart will leverage Flipkart's people, technology, customer insights and agile and innovative culture in India and across the globe.
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Its supply chain arm, eKart, serves more than 800 cities, making 500,000 deliveries daily.
"We expect to open 5 stores in the current year and then pick up pace and eventually start opening 12-15 stores a year", said Walmart India president and CEO Krish Iyer in a media roundtable. The Indian market is worth $672 billion now and set to cross the $1 trillion mark by 2020, according to industry lobby group Assocham. "Over the last 11 years, Flipkart has grown to be one of the most recognised brands, and the No 1 ecommerce platform in India".
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