Walmart's Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer's chief financial officer said on Wednesday at an investor conference. In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50% jump in ad sales. PhonePe controlled 46% share of the payments market in December, according to National Payments Corporation of India, and has 400 million registered users. In March, Walmart gave that business a boost by pouring an additional $200 million at a pre-money valuation of $12 billion, cementing its position as India's most valuable payments startup. "It is not crazy to think that both those businesses could be $100 billion businesses in the future," Walmart's Chief Financial Officer John David Rainey said.

Source: Economic Times June 19, 2023 11:08 UTC