Walmart to focus on Flipkart, PhonePe development

14 March 2022, Mumbai:

Instead of opening direct-to-consumer stores in India, American retail giant Walmart will focus on growing its online marketplace Flipkart and payments major PhonePe.

The retailer is keen on being seen as a good partner for India and has tried to demonstrate its culture to the government.

It also aims to launch an IPO for Flipkart, says Walmart CEO Doug McMillon.

Bruce Flatt, CEO, Brookfield Asset Management adds, the staff at commercial real estate seems to be turning to work.

ALSO READ: Flipkart, PhonePe record strong growth in August quarter

However, events like the ongoing Russian invasion of Ukraine cause uncertainty in the markets and make people cautious, Flatt added.

He hoped the situation will improve in the future. India is an incredibly attractive place to invest in and the company, which manages over $ 650 billion globally, has been lucky with its bets in the country till now, he noted.

It is sitting on a liquidity corpus of $100 billion right now and typically, none of its funds will invest less than 20 percent of its investible money in India.

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