Flipkart Group acquires Walmart India to promote wholesale business
Flipkart Group has announced the acquisition of 100 per cent interest in Walmart India Pvt Ltd which operates the Best Price cash-and-carry business to leverage its wholesale capabilities for enabling the growth of 'kiranas' and micro, small and medium enterprises (MSMEs).ANI | Bengaluru (Karnataka) | Updated: 24-07-2020 12:14 IST | Created: 24-07-2020 12:02 IST
Flipkart Group has announced the acquisition of 100 percent interest in Walmart India Pvt Ltd which operates the Best Price cash-and-carry business to leverage its wholesale capabilities for enabling the growth of 'kiranas' and micro, small and medium enterprises (MSMEs). Flipkart Wholesale will launch its operations in August and pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon, a veteran at Flipkart. Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition after which he will move to another role within Walmart.
With the acquisition of Walmart India business, its employees will join the Flipkart Group and the home office teams will integrate over the next year. The Best Price brand will continue to serve its 15 lakh plus members via its omnichannel network of 28 stores and e-commerce operations. Whether in grocery, general merchandise, or fashion, Flipkart said these businesses will have one-stop access to an extensive selection of products with attractive schemes and incentives, supplemented with data-driven recommendations for stock selection delivered through a fast and reliable network to drive greater efficiencies and better margins.
"With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics, and finance to small businesses across the country," said Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group. "The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen our position to address the needs of 'kiranas' and MSMEs uniquely," he said in a statement.
Flipkart has a registered customer base of over 20 crore offering over 15 crore products across 80 plus categories.