Mumbai – : According to Walmart’s financial officer, Flipkart and PhonePe’s business in India are expected to grow significantly. Walmart sees the potential for both companies to reach a combined worth of $100 billion in the future. Flipkart, an e-commerce platform, and PhonePe, a popular online payment method, are considered key drivers in doubling the gross merchandise volume. It is projected that the companies’ goods sold in the foreign market could double to reach up to $200 billion within the next five years.
Walmart acknowledges the immense opportunity presented by India’s population of 1.4 billion people. Flipkart has already experienced growth, with new buyers in certain cities and a 50 percent increase in advertisement sales. In 2022, Flipkart was valued at over $40 billion, solidifying its position as one of India’s most valuable startups.
PhonePe’s performance has also been described as impressive by Walmart. It has achieved an annualized payment value through the Unified Payments Interface, which is a widely popular online payment method in India. PhonePe currently holds a 46 percent market share in the payments market, according to data from the National Payments Corporation of India. With around 400 million registered users, PhonePe is considered India’s most valuable payments startup.
Considering the growth potential of both Flipkart and PhonePe, Walmart’s CFO, John David Rainey, believes that these businesses could generate up to $100 billion in the future.