As India's biggest Unified Payments Interface (UPI) app PhonePe prepares to list, the updated draft red herring prospectus (DRHP) shows the impact of regulations on the business, and concentration of payments-linked revenue even as UPI lacks MDR (merchant discount rate).
US-based retail giant Walmart will connect one lakh more MSMEs in the next three years to its supplier development programme in India, a company official said here on Thursday. The programme, Walmart Vriddhi, has partnered with Ideas to Impact Foundation (i2i), which will enable more MSMEs to expand their access to both national and international markets, helped by the combined strengths of Walmart's global supply chain and Flipkart's e-commerce capabilities.
The appointment will be effective January 20, 2014, the company said in a statement.
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
Walmart, the world's largest retailer, is tripling its sourcing from India to about $10 billion a year by 2027, said Judith McKenna, president, and chief executive officer of Walmart International, the segment which includes the company's operations outside the US. "To achieve this, we are growing our sourcing team in India," said McKenna, during a fireside chat with YourStory founder Shradha Sharma at Converge@Walmart, the flagship event of Walmart Global Tech India. "Walmart has a 20-year history of sourcing from India and already exports more than $3 billion worth of Made-in-India goods each year to 14 markets worldwide." McKenna said the company has expertise in processes such as international standards and demand forecasting that businesses need to get ready to export.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
Ramnik Narsey, the new chief, had joined the retail giant in May 2013.
The purpose, behind slashing property tax on small commercial establishments by 70%, was to allow growth of small shops in residential areas, so that people do not have to travel long distances for their daily needs.
While the world's largest retail chain is calling it a promotion, experts said the group may be looking at a new growth strategy for Asia.
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
'"We want to get the learnings from Flipkart and take it to other parts of the world," Walmart CEO Doug McMillon was quoted as saying.' 'That is a very large tuition fee for an MBA in a country that outdoes Brazil and perhaps even China in busting multinationals' knees and sometimes their heads as they try to crack a market of mostly impoverished people run by a government that has never really given up the sadistic pleasures of administering the license raj,' notes Rahul Jacob.
Sources estimated the number of employees asked to leave because of downsizing stands at about 100.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
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