Home Latest News Flipkart, PhonePe displayed strong growth in Q1: Walmart

Flipkart, PhonePe displayed strong growth in Q1: Walmart

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Flipkart and its payment app PhonePe continue to experience “strong growth” in the first quarter of 2021-22 in the Indian market, US retail giant Walmart said in an earnings statement on May 19.

In Q1, Walmart International “retained market growth of 5.1 per cent. This was led by strength in Flipkart and Canada” and eCommerce, which contributed 16 per cent of the total net sales of the division.

“In India, for the first quarter, Flipkart and PhonePe continue to experience strong growth,” said Walmart President and CEO Doug McMillan in the first-quarter earnings result call.

At Flipkart monthly active users and consumers are key metrics and were performing well, he said.

Last month, Walmart-owned Flipkart had announced to acquire 100 per cent of Cleartrip’s shareholding of the online travel technology company. This further enhances its investments to strengthen its digital commerce offerings for customers, he said.

“Our recent announcement of our intent to acquire leading online travel company Cleartrip underscores our commitment to transform the customers experience through digital commerce,” said McMillan.

“We need to continue to add new capabilities including such areas as logistics and data storage. The recently announced partnership with Adani group would help us to do just that,” McMillan added.