Walmart International’s ad business grows 76 percent led by Flipkart and Mexico business
Walmart has also crossed $100 billion in global e-commerce sales for the first time.
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Walmart-owned Flipkart's latest edition of its annual festive sale event, called Big Billion Day, in October 2023 was the 'largest ever', with 1.4 billion customer visits to the platform, a top Walmart executive said in an earnings call.
He said that Flipkart’s growth continues to compound in the double digits while Phonepe is now processing over 6 billion monthly transactions. PhonePe has reached 1.4 trillion in annual total payment volume, about 40 percebt higher than 1 year ago.
It was also the first time that Walmart crossed $100 billion in global e-commerce sales, he added.
Walmart owns both Flipkart and PhonePe.
The retail major saw its international sales grow 13 percent to $31.2 billion in Q4, led by Flipkart, Walmex and China helped by strong growth of festive events.
The company said that Walmart International’s advertising business grew 76 percent led by Flipkart and its Mexico business.
Walmart-owned Flipkart let go of around 1,000 employees, which represents around 5 percent of its total workforce, as part of its annual performance review exercise, Moneycontrol reported in January.
Multiple senior executives have left the Indian online retailer or are on their way out as Flipkart CEO Kalyan Krishnamurthy pushes for better execution to turn the e-commerce giant profitable.
Flipkart is also aiming to boost user frequency on the app by introducing bundled products such as financial services. The e-commerce giant aims to transform into a commerce company, shifting from being solely an e-commerce entity.
