Walmart and Flipkart celebrate Vriddhi graduates

Walmart and Flipkart celebrate Vriddhi graduates: 2,500 MSMEs on a path to enhancing their domestic and export capabilities

Trained MSMEs across India awarded certification in the presence of Shri Sidharth Nath Singh, Hon'ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh

 Walmart and Flipkart today hosted a virtual Graduation Day event for the first group of graduating micro, small and medium-sized enterprises (MSMEs) under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi). Over 2,500 MSMEs from across India received certificates in the presence of Shri Sidharth Nath Singh, Hon’ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh, along with Walmart and Flipkart leadership. The occasion recognized MSMEs who have partnered with Walmart and Flipkart to complete the first phase of the Vriddhi program. Through this training, graduating entrepreneurs have been empowered with modern business management frameworks that can help them modernize and meet their growth ambitions by embracing India’s digital retail revolution.

The first phase is part of Walmart Vriddhi, a comprehensive growth and learning platform comprising of training and in-depth expert support.  The different phases in the program give MSMEs access to advanced business tools and strategies, as well as one-on-one expert consultation, to help them unlock their entrepreneurial capacity, modernize their business, and thrive. Graduating entrepreneurs are already experiencing growth, with many expanding their digital capabilities and selling across India through the Flipkart marketplace. The program has also supported MSMEs to grow their peer networks. The Walmart Vriddhi program is delivered by program partner Swasti.

On the occasion, Shri Sidharth Nath Singh, Hon’ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh, said, “I congratulate all businesses that are augmenting their learning in their quest to embrace new markets and growth despite multiple challenges. I would encourage more MSMEs to take advantage of programs such as Walmart Vriddhi to enhance their business capabilities, become self-reliant and further strengthen India's position as an export hub. Empowering small businesses to stretch their wings is a key priority for the Government. To promote exports further, we are setting up overseas trade promotion and facilitation centers in all 75 districts of the state of Uttar Pradesh."

Leigh Hopkins, Executive Vice President, International Strategy, Development and Asia Region, Walmart International, said, “Walmart is proud to announce the graduation of over 2,500 MSMEs of the Walmart Vriddhi program today. We are delighted to be able to support small business owners’ growth ambitions with this program. Walmart has an ongoing commitment of tripling exports from India by 2027 to $10 billion annually, and we look forward to supporting more small businesses in their efforts by providing potential access to online and offline markets in India and globally.”

Many local home-grown brands have already benefited from training from the Vriddhi program.

• Healthy Fibres has started selling on the Flipkart marketplace to complement its physical channels and reach a national market. It plans to open a network of experience stores pan-India and is ambitious to also reach overseas markets in the future.
• Scraft Products leveraged the skills and contacts it had built through Walmart Vriddhi to create new product lines when the pandemic disrupted its business. It is now working towards achieving at least 25% of its pre-COVID sales from exports.
• Jutex India has joined the Flipkart marketplace and been empowered to better leverage market dynamics and enhance its performance, despite challenging circumstances.
• Plus Creations, which manufactures more sustainable food packing, already sells in India and abroad. It is now using eCommerce to increase its footprint across India, and is exploring new international markets.

Walmart and Flipkart expect many more entrepreneurs to graduate from the Vriddhi program over the next few months. Small businesses are the backbone of India’s economy and Walmart and Flipkart look forward to partnering with them and providing access to online and offline markets in India and around the world.

Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, said, " We are truly excited to see the graduating entrepreneurs who are digital-ready and getting ready to be part of India’s continuing economic growth story. We are proud that there are already around 3.75 lakh Indian sellers on the Flipkart marketplace today, a majority of which are MSMEs. Through additional support such as the Flipkart Samarth program, we are also enhancing access to markets for artisans, weavers, and other small businesses. Digital upskilling helps MSMEs boost their businesses, weather industry challenges and strengthen the e-commerce ecosystem."

As part of continuing efforts to support small businesses, Walmart and Flipkart recently announced a Memorandum of Understanding (MoU) with the Government of Haryana, and the Government of Tamil Nadu respectively through the Walmart Vriddhi program to enhance the growth and development of MSMEs in those states.

Walmart Vriddhi was launched in 2019, to empower 50,000 MSMEs across India, over five years. Vriddhi e-Institutes have since been launched in Panipat, Agra, and are moving to open much more, to provide a digitally enhanced learning experience with personalized feedback and one-on-one advisory sessions. MSMEs enrolled in the program have benefitted from actionable advice through Vriddhi Cares, a tailored program to help them navigate the impact of COVID-19 on their workforce and business.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

About Flipkart Group

Flipkart raises US $3.6 bn in funding

 Flipkart raises US $3.6 bn in funding

to accelerate the growth of the consumer internet ecosystem in India

Investment values the Group at US $37.6 billion

 Investors include reputed sovereign wealth and pension funds,

and global private equity and hedge funds 

The Flipkart Group, India’s homegrown consumer internet ecosystem, today announced that it has raised US $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart. This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2* and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global. The investment values the Group at US $37.6 billion post-money.

Speaking on the development, Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain.”

This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year when access to products safely and convenience took priority. With this development, Flipkart will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India. A key focus area for the Group is to help informal commerce segments leverage the power of technology. As one of the leaders in the fashion segment, this means working with the fashion industry and helping small businesses explore untapped opportunities that technology presents. Through its expanding grocery and last-mile delivery programs, the Group will also work with kiranas to help them digitize and grow.

“One of the key investment themes for CPP Investments has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration,” said Agus Tandiono, Managing Director, Head of Fundamental Equities Asia, CPP Investments. “This investment in Flipkart builds on our program to provide long-term capital to industry leaders. We look forward to supporting Flipkart’s efforts in growing India’s e-commerce market.”

“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” Lydia Jett, Partner, SoftBank Investment Advisers, said. “From our platform as one of the largest Asian eCommerce investors, SoftBank has a broad lens on the fundamental trends shaping digital commerce in the region. The opportunity to meet consumer demand for high-quality selection at low prices and a young population make online consumption critical to India’s quest for the ‘$5 trillion economy’ that Flipkart’s growth story has been enabling,” Jett added.

“Flipkart is a great business whose growth and potential mirrors that of India as a whole — that’s why we invested in 2018 and why we continue to invest today,” said Judith McKenna, President and CEO – Walmart International. “Kalyan and the team have put the Indian customer at the center of everything and they have continued to innovate in the categories and services Indian customers want most, creating new jobs and growth opportunities for Indian entrepreneurs and small businesses alongside them. The quality of the investor group and valuation announced today is further confirmation of global confidence in Flipkart and its mission to transform commerce in India.”

Sukumar Rajah, Director of Portfolio Management, Franklin Templeton Emerging Markets Equity, said, “We are optimistic about the growth prospects of e-commerce and digitalization in India and believe Flipkart is well-positioned to benefit from this growth.”

With more than 350 million registered users from across the country, Flipkart has been investing in key categories, including fashion, travel and grocery, that reflect India’s maturing digital commerce industry. Myntra, the Group’s fashion entity, is among the leaders in the category, with a wide consumer base offering the most comprehensive and latest collections in fashion. Flipkart’s logistics and supply chain arm, Ekart, employs more than 100,000 people and makes deliveries to more than 90% of the addressable pin-codes in India, which, coupled with strategic warehouse infrastructure investments, is one of the group’s core strengths. Venturing into the social commerce space, Flipkart recently announced the launch of Shopsy, which will encourage local entrepreneurship.

More than 300,000 registered sellers from across the country are on Flipkart’s marketplace, and 60% are from tier 2 cities and beyond. Flipkart also works with more than 1.6 million kiranas in India through its wholesale business and its last-mile delivery program, thereby contributing to the incomes of these kiranas and encouraging employment creation in the ecosystem. In addition, Samarth, Flipkart’s program to support small businesses, underserved communities and artisans, has more than 750,000 beneficiaries.

The Group is also a majority shareholder in PhonePe, one of the leading Payments Apps in India with more than 300 million users, facilitating over 1 billion transactions per month, 80% of which occur in tier 2 and 3 cities and beyond.

J.P. Morgan Securities (Asia Pacific) Limited and Goldman Sachs & Co. LLC served as placement agents to Flipkart in connection with this transaction, Hogan Lovells and Shardul Amarchand Mangaldas & Co served as legal counsel.

*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.

 

Walmart, Flipkart, PhonePe and the Walmart Foundation leverage

Walmart, Flipkart, PhonePe and the Walmart Foundation leverage global resources to scale initiatives in support of India’s pandemic battle

Walmart is mobilizing its global resources to further expand support for COVID-19 relief efforts in India. Walmart, the Walmart Foundation, Flipkart and PhonePe, along with Walmart’s Global Technology and Sourcing hubs, are collaborating to counter oxygen shortages, support the national vaccination drive and donate to organizations making a difference in communities nationwide.

“Walmart is a global family. We feel the impact of this devastating surge on our associates, families and friends across India, and it’s important that we come together to support however we can,” said Doug McMillon, President and CEO of Walmart Inc. “We feel called to bring our resources to bear in times of crisis, and this moment is no different. We are working hard to combine Walmart’s global capabilities and Flipkart’s distribution network to ensure vital oxygen and supplies are made available to those who need them most. Our hearts are with everyone in India.”

To help India meet its urgent need for medical-grade oxygen, Walmart businesses worldwide are working together to procure vital oxygen concentrators and other equipment. Walmart will donate up to 20 oxygen-generating plants and 20 cryogenic containers for oxygen storage and transportation, as well as more than 3,000 oxygen concentrators and 500 oxygen cylinders for delivering oxygen therapy to patients at home or in hospital. These are being sourced globally and will be donated to hospitals and NGOs in India for distribution. Walmart and the Walmart Foundation have also committed to fund an additional 2,500 oxygen concentrators as part of the U.S.-India Business Council and U.S.-India Strategic Partnership Forum’s joint relief effort.

Extending these efforts, the Walmart Foundation is donating INR 148.2 million (USD $2 million) to support various NGOs in India. A total of about INR 74.1 million (USD $1 million) will be allocated through the Walmart Foundation Disaster Relief Fund, a donor advised fund, to recommend support for Doctors for You to operate isolation centers and temporary hospitals, as well as provide personal protective equipment for frontline medical workers. The other INR 74.1 million (USD $1 million) will be allocated to GIVE Foundation Inc to support GiveIndia’s COVID response fund, which will support physical infrastructure and equipment for the medical sector in India, prioritizing the most impacted and vulnerable communities.

Walmart, Flipkart and PhonePe continue to step up efforts to encourage COVID-19 vaccination, including setting up on-site vaccination clinics, at no cost, for associates and their households, as well as Flipkart and PhonePe’s full-time contractors and delivery workers – more than 200,000 people. Associates will continue to receive expanded sick leave if they become ill or must self-isolate, time off to get the vaccine or tested and expanded compassionate care leave to care for ill family members.

Flipkart is also partnering with GiveIndia to raise funds to provide critical medical supplies such as oxygen, PPE kits, hand sanitizers and other essentials at COVID-19 centers, charitable hospitals and for healthcare workers in Mumbai, Delhi and Bangalore. In addition, Flipkart customers can now use their SuperCoins (loyalty points) to donate directly toward ambulance services and oxygen cylinder refills that GiveIndia will mobilize to help those in critical need.

Kalyan Krishnamurthy, CEO of Flipkart, said: “Through the pandemic, we have endeavored to meet the needs of our customers while supporting our business partners through a safe supply chain and reliable platform. We and our colleagues at PhonePe are committed to doing our bit to help people in this challenging time, leveraging our logistics capabilities and mobilizing resources towards the most critical needs of patients and healthcare professionals. As people and corporations come together to gather resources to fight the pandemic, we remain steadfast in our belief that we will get through this together.”

Previously, Walmart, Flipkart Group and the Walmart Foundation have provided INR 460 million ($6.2 million) in financial and in-kind support in India, including over 1 million PPE and CPE gowns, 600,000 N95 masks and 88 ventilators, among other contributions.

Walmart Canada will also support relief efforts through the Canadian Red Cross India COVID-19 Response Appeal, funding ambulance and transport services for patients, quarantine isolation centers and other services.

Walmart expands Vriddhi program to Uttar Pradesh to

 Walmart expands Vriddhi program to Uttar Pradesh to
help MSMEs access domestic and global customers

Walmart and Flipkart continue to create growth opportunities for small businesses across India

Walmart today launched a new Vriddhi e-Institute in Agra to provide small businesses in Uttar Pradesh access to skills and competencies to grow in a post-pandemic environment through online and offline channels such as Flipkart’s marketplace and Walmart’s international supply chain.

With the new e-Institute, Walmart is expanding its Vriddhi Supplier Development Program towards empowering 50,000 MSMEs across India for growth. The program provides MSMEs with specific training to leverage modern commerce and get ready for opportunities in Flipkart’s eCommerce marketplace, the supply chain of Flipkart Wholesale and Walmart’s global sourcing operations, as well as the open marketplace. 

The Vriddhi e-Institute in Agra will partner with MSMEs from Uttar Pradesh through interactive learning and advanced competency-based training, with personalized feedback and advice. The curriculum is tailored for the unique challenges and opportunities of local businesses and is offered in Hindi and English. In particular, the e-Institute will focus on empowering skilled artisans and entrepreneurs to expand markets for Agra’s prominent footwear manufacturing and stone carving sectors.

Vriddhi works with MSME entrepreneurs wherever they are in their business journey. Uttar Pradesh-based businesses can join the Vriddhi training program to pursue opportunities to sell on Flipkart’s online consumer marketplace and through the nationwide Flipkart Wholesale ecosystem. As Walmart triples its exports from India to $10 billion annually by 2027, businesses with export ambitions can learn how to qualify as a Walmart Global Sourcing supplier, taking “Make in India” products to the world. 

Sidharth Nath Singh, Cabinet Minister for MSME, Investment & Export, Textile, NRI, Khadi and Gram Udyog, Government of Uttar Pradesh, said: “We welcome Walmart’s initiative to expand the Vriddhi program to Agra and Uttar Pradesh. MSMEs from our state are recognized for their skilled craftsmanship, and for the variety of high-quality goods they offer in India and internationally. This program will not only boost the Make-in-India effort, it will also provide further impetus to our ODOP (One District One Product) program and MSMEs in growing their business aspirations and reach, including export-readiness, through digital pathways.”

The first Vriddhi e-Institute, opened in Haryana in October 2020, serves MSMEs from the Panipat-Sonipat-Kundli region. Entrepreneurs there are now working through the multi-level training program, with some already onboarded to Flipkart to expand their digital capabilities and sell across India via Flipkart marketplace.

Leigh Hopkins, Executive Vice President, International Strategy, Development and Asia Region, Walmart International, said: “We’ve had encouraging results from our first e-Institute and strong interest from MSMEs in Uttar Pradesh. Walmart and Flipkart are helping artisans and entrepreneurs augment their Indian ingenuity with merchandising and logistics expertise and access to eCommerce customers across India and abroad. Growing MSME businesses creates employment opportunities in local communities and puts them at the heart of Make in India and Digital India programs.”

Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, said: “Flipkart is focused on enabling businesses to prosper by helping them sell their products across India. Through Walmart Vriddhi we will now enhance those efforts, as MSMEs and artisans get access to a world-class training that can empower them to meet their aspirations."

Developed by Walmart and Flipkart in partnership with Vriddhi knowledge manager Swasti, the Vriddhi training program is designed for MSMEs operating in a post-pandemic world of mobile-first digital commerce. It includes training and advice on key aspects of business management, commercial growth, customer-centric services, manufacturing best practices, responsible sourcing and more. Interactive virtual training experiences, one-on-one advisory sessions and other resources are accessed through a mobile app available on iOS and Android, in Hindi and English. 

Vriddhi will accelerate the rollout of e-Institutes to other cities in India this year, providing tailored training, mentoring and ecosystem support to help local MSMEs prepare for growth as part of the supply chains of Flipkart and Walmart or other channels.

At the same time, Flipkart and Walmart will continue to partner with Indian MSMEs, both through the Flipkart marketplace and Flipkart Wholesale ecosystem and through Walmart’s global sourcing operations. Flipkart also supports artisans and weavers through its Samarth program, with 750,000 skilled craftspeople now selling authentic arts and crafts online to a customer base of more than 300 million people.

Vestas appoints Purvin Patel as new

 Vestas appoints Purvin Patel as new Regional President of Asia Pacific

To strengthen Vestas’ presence and market position in strategic and fast-growing markets in Asia Pacific and drive operational alignment across the value chain, Vestas has appointed Purvin Patel[1] as Regional President of Asia Pacific. Mr. Patel joins Vestas from a position as CEO of ISS UK & Ireland, bringing more than 25 years of commercial and operational leadership experience from this role, as well as previous leadership positions at Walmart, Kingfisher Group (UK) and RadhaKrishna Foodland. Mr. Patel takes up the role today and succeeds Clive Turton, who will leave the company after heading Vestas Asia Pacific since 2017.

Vestas President and Chief Executive Officer, Henrik Andersen, said “Asia Pacific is a very exciting region from an energy perspective, because countries like India, Japan, Vietnam, Korea and Australia are either expanding or transforming their energy systems with renewables. Vestas has a strong footprint across regions, including large manufacturing facilities in India, and I am therefore delighted to welcome Purvin Patel to the team as he brings substantial commercial and operational experience that will be key to grow our presence in India and the rest of Asia Pacific.”

 

“I’m delighted to welcome Purvin Patel on board to lead Vestas Asia Pacific as renewables continue to expand their reach in a region with growing electricity needs. Wind and renewable energy have become mainstream, and Purvin’s solid operational background will be a strong asset as we broaden our presence in the region’s existing fast-growing markets and leverage our joint venture in Japan. I’d also like to thank Clive Turton for his contributions to Vestas throughout the last four years and wish him the best of luck in his future endeavours,” said Juan Araluce, Executive Vice President and Chief Sales Officer.

The demand for renewable energy is expected to grow significantly across the Asia Pacific region in the coming decade[2], including in key markets such as India, Japan, Vietnam, Korea and Australia. Vestas will continue to invest in offering the right solutions for our customers and expand our footprint in the region to meet this demand. Mr. Patel will play a key role in this process with his strong commercial and operational competencies, driving a stronger and more consolidated regional setup in Asia Pacific.

“Vestas has established itself as the global leader in onshore wind and pioneered wind energy in many markets in Asia Pacific region. Together with our strong manufacturing footprint and increased emphasis on offshore wind and development, there’s a huge potential for Vestas to grow profitably in Asia Pacific, and together with the great team in Asia Pacific, I look forward to grasping these opportunities,” said Purvin Patel, incoming President of Vestas Asia Pacific.

During his time at ISS, Patel also served as Country Manager & Chief Executive Officer of ISS Facility Services India, which employs approximately 60,000 employees, and has been responsible for driving key strategic and transformation projects at board level.

Walmart and Flipkart Group make additional investment in

 Walmart and Flipkart Group make additional investment in Ninjacart

Walmart and the Flipkart Group today announced a fresh round of investment in Ninjacart, the innovative startup disrupting India’s fresh produce market with its made-for-India business-to-business (B2B) supply chain infrastructure and technology solutions. This follows the investment made by Walmart and the Flipkart Group in December 2019, as the companies continue to focus on ensuring access to high quality fresh produce for consumers and retailers while creating economic opportunities for farmers through the continued use of technology. 

For Ninjacart, this further deepens the partnership with Walmart and the Flipkart Group to improve its offerings and enhance customer experience. Ninjacart continues to attract world-class backers such as Tiger Global, Accel, Tanglin, Steadview, Syngenta, Nandan Nilekani and Qualcomm among other prominent investors.

During the COVID lockdowns, Ninjacart demonstrated agility and innovation by launching a series of initiatives such as apartment delivery, including a ‘Farm to fork’ pilot with Flipkart, customer delivery through food delivery apps, ‘Harvest the Farms’ initiative, etc. in a week's time to help both customers and farmers. Also in an Industry-first move, Ninjacart launched ‘FoodPrint’ — a 100% traceability platform for its products during the COVID lockdown to improve the food safety.

This second round of funding demonstrates Walmart and the Flipkart Group’s continued commitment to invest in India’s agriculture & food supply chain and strong confidence in Ninjacart. The follow-on investment further validates Ninjacart’s strong execution capabilities and its ability to innovate in the challenging fresh food supply chain space.

As Flipkart grows its Supermart (grocery) and Flipkart Quick (hyperlocal business), Ninjacart will continue to play a key role in providing fresh produce to consumers across the country as they increasingly look at e-grocery to meet their needs.

Ninjacart has developed many indigenous solutions that work for India at scale — it has built India’s low-cost last-mile network using an innovative network model coupled with data science. It’s less-than-12 hours connectivity from farm to store helps avoid the need for control temperature supply chain for perishable goods.

Kalyan Krishnamurthy, CEO, Flipkart Group, said, “The e-grocery market in India has seen tremendous growth over the past several months as people have increasingly taken to ordering groceries and fresh produce online. At the Flipkart Group, we are focused on ensuring that we continue to work towards developing new and innovative ways to meet our customers' needs in this space through the growth of Supermart and the recent launch of Flipkart Quick. We will continue to make investments to offer the best produce to our customers and support livelihoods and sustainable growth for local farmers, producers and the supply chain ecosystem. Our pilots and current business engagement with Ninjacart have been encouraging as we leverage technology to address changing consumer behaviour across the country.”

Commenting on the announcement Thirukumaran Nagarajan, CEO & Co-founder of Ninjacart said, “The fresh set of investments from Walmart and the Flipkart Group takes us one step closer to our vision of making food safe and accessible for the billion people and changing the way food reaches our plate. We are excited to have Walmart and the Flipkart Group show confidence in our capabilities around growth and profitability. We will continue to invest in areas that impact the lives of Customers and Farmers positively.”

In the coming months, Ninjacart will use the capital to expand to new markets and build new offerings and supply chains for emerging customer segments, while continuing to innovate on the supply chain to make it more efficient, reliable, and profitable.

The transaction is expected to close by the end October 2020.

Flipkart Group announces the launch of

Flipkart Group announces the launch of Flipkart Wholesale

aimed at transforming the kirana retail ecosystem

Acquires a 100% interest in Walmart India, which operates the Best Price cash-and-carry business to strengthen capabilities and business-to-business service offering;

Will leverage talent, strong technology backbone, deep merchandising expertise and logistics infrastructure to accelerate growth and prosperity for kiranas and MSMEs

The Flipkart Group, India’s homegrown e-commerce group, today announced the launch of Flipkart Wholesale, a new digital marketplace that will help transform the kirana retail ecosystem in India by leveraging cutting-edge and locally developed technology. As part of this launch, the Group also announced the acquisition of 100% interest in Wal-Mart India Private Limited, which operates the Best Price cash-and-carry business, to leverage the strong wholesale capabilities of the company and enable growth and prosperity for kiranas and MSMEs.

Kiranas and MSMEs are central to India’s retail ecosystem and Flipkart Wholesale will focus on meeting their needs by providing small businesses a wide selection at significant value, powered by technology to make their lives easier. Whether in grocery, general merchandise or fashion, these businesses will have one-stop access to an extensive selection of products with attractive schemes and incentives, supplemented with data-driven recommendations for stock selection, delivered through a fast and reliable network to drive greater efficiencies and better margins.

In addition, kiranas and MSMEs will benefit from access to easy credit options and opportunities for new income generation through various Flipkart initiatives, creating new ways to catalyse growth. These opportunities are especially relevant at this time as kiranas and MSMEs work towards achieving scale and profitability following the impact on business due to the COVID-19 pandemic.

Flipkart Wholesale will leverage Flipkart’s strong homegrown technology capabilities, extensive leadership in the consumer e-commerce segment, and a unique understanding of the industry in India. The business will also utilise the Flipkart Group’s vast supply chain infrastructure to reach kiranas and MSMEs across the country. Flipkart Wholesale will draw on the merchandising experience of the Walmart India team, its strong relationships with brands, deep DNA of servicing kiranas and 12+ years of operating Best Price stores. One of India’s largest cash-and-carry businesses, Best Price currently supports more than 1.5 million members, including kiranas, horecas and other MSMEs, and has long-standing supplier diversity and development programs. Flipkart Wholesale will continue to develop technology tools, and ecosystem partnerships to help Indian commerce unlock its potential.

Top Indian brands, local manufacturers and sellers have partnered with Flipkart Wholesale to ensure the availability of an exhaustive range of products and merchandise for kiranas and MSMEs. At the same time, partners will benefit from broader reach across the country, micro-market insights to enable effective inventory planning and new product development, and cost-effective distribution.  

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “As the e-commerce pioneer in India, the Flipkart Group has transformed the shopping experience for millions of Indian consumers. With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics and finance to small businesses across the country. The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen our position to address the needs of kiranas and MSMEs uniquely. With this development, the Flipkart Group will further build upon the synergies across its businesses to drive greater value and choice for end-consumers and businesses alike.”

Judith McKenna, President and Chief Executive Officer, Walmart International, said, “For over a decade, we’ve been committed to India’s prosperity by serving kiranas and MSMEs, supporting smallholder farmers and building global sourcing and technology hubs throughout the country. Today marks the next big step as Walmart India’s pioneering cash-and-carry legacy meets Flipkart’s culture of innovation in the launch of Flipkart Wholesale. By leveraging each other’s strengths and unique expertise, this combined team will break new ground in their shared mission to help Indian businesses grow and succeed. We look forward to a bright future for Flipkart Wholesale.”

Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon, a veteran at Flipkart. Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition, after which time he will move to another role within Walmart.

Adarsh Menon, Senior Vice President and Head - Flipkart Wholesale, said, “Flipkart Wholesale will further deepen and build on Walmart India and the Flipkart Group’s commitment to kiranas and MSMEs over the last several years. Thousands of kiranas have already partnered with Flipkart to enhance their business and income streams. I am excited to be part of this new initiative that allows us to expand opportunities for growth for them and bring further prosperity to their lives. We will leverage the synergies between Flipkart and Walmart India as we stay focused on transforming the wholesale experience for kiranas and MSMEs.”

Sameer Aggarwal, Chief Executive Officer, Walmart India, said, “This move recognises the critical role that kiranas and MSMEs play towards India’s economic prosperity and growth, and the coming together of Walmart India with Flipkart Wholesale will provide an opportunity to build upon the 12+ year legacy of the Best Price brand serving kiranas across India.”

With the acquisition of the Walmart India business, its employees will join the Flipkart Group and the home office teams will integrate over the next year. The Best Price brand will continue to serve its 1.5 million+ members via its omnichannel network of 28 stores and e-commerce operations.

Flipkart Group raises new equity round with

Flipkart Group raises new equity round with Walmart-led investor group, valuing company at $24.9 billion post-money

$1.2 billion investment will support Flipkart's ongoing efforts to develop India's homegrown eCommerce marketplace as country emerges from pandemic

Flipkart Group today closed an additional $1.2 billion equity round to support continued development of its eCommerce marketplace as India emerges from the Covid-19 crisis. The investment is led by Walmart, Flipkart Group's majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money. It will be funded in two tranches over the remainder of the fiscal year.

"We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Kalyan Krishnamurthy said. "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers. We will continue innovating to bring the next 200 million Indian shoppers online."

Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service focused on solving the last mile in India's Tier II and Tier III cities. In 2018, Walmart Inc. invested $16 billion for a majority stake in the group.

Flipkart recently surpassed 1.5 billion visits per month and reported 45-percent growth in monthly active customers and 30-percent growth in transactions per customer for FY20. The company is democratizing commerce by providing sellers and MSMEs access to a national market and by investing in technology such as voice assistants and local language interfaces to help make shopping easier for non-English speaking customers. Today, Flipkart offers 150 million products across more than 80 categories, and has pioneered customer-centric services such as Cash-on-Delivery, No-Cost EMI and easy returns. PhonePe recently reported annualized total payments value (TPV) of $180 billion on more than 500 million monthly transactions.

"Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Judith McKenna, President and CEO of Walmart International. "Kalyan and team have a clear vision and are relentlessly focused on giving Indians frictionless choice in how they shop and sell online. We're excited to see what the future holds as they continue their journey to become India's most trusted eCommerce marketplace."

Walmart, Flipkart and Walmart Foundation
provide INR 460 million of support to India’s Covid-19 Fight

To contribute personal protective equipment (PPEs) including N95 masks and medical gowns for medical staff, and other necessities for vulnerable communities

BENTONVILLE, Ark. and Chennai, India – Walmart Inc., Flipkart and the Walmart Foundation are supporting India’s Covid-19 response with a combined effort that will contribute needed personal protective equipment (PPE) for healthcare workers and financial support for organizations providing essential relief materials to farmers and small businesses. 

Walmart Inc. and Flipkart will spend INR 383 million to bring in-kind donations into India to help with the front-line response efforts. The companies will focus on providing PPE, such as N95 masks and medical gowns, for distribution by non-government organizations (NGOs) to public healthcare workers. Walmart and Flipkart have already secured 300,000 N95 masks and 1 million medical gowns, and they will continue to leverage their global supply chains to source these critical necessities for medical workers who stand at the frontline of the fight against the Covid-19 outbreak in India. 

In addition to this in-kind support, the Walmart Foundation is donating a total of INR 77 million to Goonj and Srijan, NGOs supporting vulnerable communities through the crisis.  The funds will be used to support the procurement of essential relief materials, such as food, medicine, and hygiene items, for distribution by the organizations to support farmers, rural communities, and the micro-businesses.  

“Our customers and associates in India have been deeply impacted by Covid-19 and our hearts continue to be with them,” said Kathleen McLaughlin, executive vice president and chief sustainability officer for Walmart and president of the Walmart Foundation. “In times like these, we all need to come together to support our communities and the efforts of healthcare workers, NGOs and government organizations. We are grateful to all those providing relief in India and we want to help.”

“Our Flipkart teams are working around the clock to respond to the Covid-19 crisis with care and compassion. We are very proud of them. The emergency relief efforts we are announcing today underscore our commitment to continuing to work with the private and public sector in India to respond to this unprecedented challenge,” said Kalyan Krishnamurthy, CEO, Flipkart Group.

While keeping supply lines open to ensure that Indian consumers have access to essential daily necessities, Walmart and Flipkart are also taking important steps to help protect public health and the safety of customers and associates as the Covid-19 situation continues to evolve. These efforts include enhanced hygiene practices across the supply chain and delivery network, insurance and health benefits for workers, contact less deliveries where possible and supporting cashless payments.

Walmart Inc. pilots blockchain traceability project for seafood from India

Blockchain pilot program links suppliers in the Indian state of Andhra Pradesh with Walmart’s Sam’s Club locations in the U.S. in an industry-first end-to-end shrimp traceability project

Walmart Inc. today announced that it is piloting blockchain technology for end-to-end traceability of shrimp sourced in the Indian state of Andhra Pradesh and shipped to select Sam’s Club locations in the U.S. The pilot project is the first known use of blockchain to track shrimp exports from the farmer in India to an overseas retailer. Ultimately, it will help seafood farmers in the region to strengthen the shrimp supply chain and reinforce customer trust in the product, helping promote India as a preferred source of seafood, while also enhancing food traceability and transparency for consumers in the U.S.

Shrimp is India’s largest agricultural export, with the U.S. as its largest market, taking a 46% share of India’s shrimp exports by value in 2018. In Andhra Pradesh, the heartland of shrimp farming in India, the state government is encouraging farmers to improve quality standards and comply with stringent U.S. monitoring programs to win the trust of U.S. retailers and consumers and strengthen shrimp cultivation as a sustainable long-term growth industry. Using blockchain technology in the shrimp supply chain supports this effort.

Blockchain is a way to digitize data and share information across a complex supply chain network in a secure and trusted manner. The introduction of blockchain in the shrimp supply chain could help improve the quality of information on the product for compliance purposes and for sharing with consumers, providing added traceability beginning at the farm and extending throughout the transportation process. It could also monitor food safety procedures throughout the growth and processing of the shrimp. Blockchain could thus add a level of visibility to bring extra peace of mind and value to overseas customers and reinforce India’s status as a trusted source of seafood.

“The possibility of transforming the seafood community with blockchain technology exists and organizations need to do the work to test its potential to optimize supply chain processes. As one of the most traded commodities in the world, seafood has a complex and wide-reaching supply chain, which makes testing and further developing technology-assisted traceability programs an important step. It is encouraging to see a retail leader like Walmart participate in seafood blockchain testing,” said John Connelly, president of the National Fisheries Institute in the U.S.

For this pilot, the company worked closely with Andhra Pradesh-based seafood processor Sandhya Aqua and U.S.-based supplier Stanley Pearlman Enterprises, Inc. to add the shrimp supply chain to the blockchain-enabled IBM Food Trust and create shared value for the entire shrimp farm-to-table continuum. Walmart Inc. has collaborated with IBM on the use of blockchain technology to enhance global food traceability since 2017. The two partners have already launched several initiatives to strengthen food safety in the fresh produce supply chain.

“This end-to-end blockchain pilot is the first of its kind in India and has the potential to create long-term economic opportunity for the shrimp farming community in Andhra Pradesh, directly benefiting the farmers through new skills training and development,” said Chowdary Kunam, managing director of Sandhya Aqua.

This new blockchain pilot supplements an extensive Sam’s Club food safety program that requires suppliers of seafood products, including shrimp, to complete prevention-based certifications like Best Aquaculture Practice (BAP), an internationally recognized standard. To support smallholder farmers in Andhra Pradesh, Walmart Inc. provided funding for the BAP certification training, helping farmers access market opportunities they may not previously have had.

“We’re committed to doing business in India in a way that helps drive economic opportunity in local communities across the country,” said Paul Dyck, vice president of corporate affairs for Walmart Inc. “Through this pilot we are working with our partners and leveraging our global strengths to provide access to blockchain’s innovative technology which will benefit local farmers and producers, help to transform the food system and also provide a quality product that delights our customers and members.”