Walmart after announcing USD 16 billion investment in India’s largest online retailer Flipkart, Walmart plans on growing it’s cash-and-carry business, adding 50 new stores in the next four-five years in India.Walmart India president and CEO Krish Iyer while called to explain the flipkart deal at a select media roundtable said “We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track”.
Walmart Inc. founded by Sam Walton is an American multinational retail corporation operating a chain of hypermarkets and grocery stores, whose headquarters happen to be in Bentonville, Arkansas. Walmart has 11,503 stores and clubs in 27 countries, being operated under 55 different names. Since August 2018, Walmart only holds a minority stake in Walmart Brasil, which was renamed Grupo Big in August 2019, with 20% of company’s shares, and private equity firm Advent International holding 80% of ownership of the company. Walmart provides employment to 2.2 million people worldwide.
Upcoming Walmart Stores
Chief executive of Walmart Dough McMillon said Flipkart group, 77 percent stake is being acquired by the US retailer, hence they would continue to operate as a separate board-managed company with co-founder Binny Bansal as the CEO.
Flipkart gives Walmart an online presence. Being handicapped by India’s retail policy which denies overseas companies to sell directly to consumers (except in wholesale cash-and-carry segment). Krish Iyer said “As we speak, we have a pipeline of 20 stores and we expect to open 5 stores in the current year and then pick up pace and eventually start opening 12-15 stores a year”, Walmart currently operates in 9 states and 19 cities for cash-and-carry business. Walmart associates can login by onewalmart portal.