According to Walmart, its international segment recorded a solid sales growth in the July-September quarter, driven by Flipkart. The company’s net sales increased by 1.3 per cent year-on-year to $29.2 billion in Q3 FY20.
Doug McMillon, President and CEO at Walmart said that they are excited about what’s happening at Flipkart and PhonePe.
“The Indian market represents a significant opportunity for growth,” he adds.Both the firms registered an estimated $3 billion in gross sales during the festive season sale in India.
“With over 55 million monthly active users, we are looking for ways to monetize the customer base including an offering of financial services,” he adds. The company’s total revenue was recorded to be $128 billion in Q3 FY20 compared to last year’s $124.9 billion.