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Business News/ Companies / News/  Monthly active users at all-time high for Flipkart
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Monthly active users at all-time high for Flipkart

Flipkart and payment app PhonePe have seen a strong quarter on the back of ‘Big Billion Days’ sale

The retail giant in its August-October quarter earnings release said net sales for Walmart International stood at $29.6 billion, up 1.3% from the year-ago quarter (Photo: AFP)Premium
The retail giant in its August-October quarter earnings release said net sales for Walmart International stood at $29.6 billion, up 1.3% from the year-ago quarter (Photo: AFP)

Bengaluru: American retail giant Walmart Inc. on Tuesday said that its Indian e-commerce unit Flipkart and payment app PhonePe have seen a strong quarter on the back of ‘Big Billion Day’ sales, with monthly active users (MAU) on an all-time high for the Indian e-tailer.

The retail giant in its August-October quarter earnings release said net sales for Walmart International stood at $29.6 billion, up 1.3% from the year-ago quarter on account of strong growth registered by Flipkart in India, as well as from its operations in Canada and Mexico.

“In India, Flipkart and PhonePe have seen a strong quarter, with monthly active users (MAUs) being on an all-time high for the platforms," said Doug McMillon, president and CEO, Walmart Inc on an earnings call.

Walmart said that while its net sales continue to be impacted by the continuation of the global health crisis, total revenue stood at $134.7 billion, an increase of $6.7 billion, or 5.2% from the corresponding period last year.

In July, Flipkart Group raised close to $1.2 billion from majority owner Walmart, along with a group of existing shareholders, to bolster its e-commerce operations. The investment valued the Flipkart Group at $24.9 billion in post-money valuation.

Post this round, Flipkart has been heavily doubling down on categories including fashion as well as grocery, picking up minority stakes in offline retailers including - Arvind Youth Brands for 260 crore, and a 7.8% stake in Aditya Birla Fashion and Retail Ltd for 1,500 crore.

Mint also recently reported that Flipkart might look to go public as early as next year, on the back of rapid digital transformation in the country. Flipkart would look at an overseas listing, either in the US, where Walmart is headquartered or another country, and could be valued at $40-45 billion, according to individuals aware of the discussions.

Flipkart's subsidiary PhonePe is working towards turning profitable by 2022, and going public by 2023, Mint first reported on 22 April.

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Published: 17 Nov 2020, 08:56 PM IST
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