US-listed retail giant Walmart revealed that quick commerce is about 20% of its ecommerce business in India, and it has is currently on a 50% growth trajectory, according to Kath McLay, EVP, President & CEO, Walmart International.
“So, as we’ve been on our path to profitability with what I would call the core business, we’ve now started like investing into emerging areas. We have 250 fulfillment centers that are Minutes fulfillment centers that deliver within minutes,” shared McLay in a fireside chat at 41st Bernstein Annual Strategic Decisions Conference.
In a recent interview with YourStory, Kabeer Biswas, Vice-President of Flipkart Minutes, shared that the quick commerce initiative, Flipkart Minutes, is halfway towards achieving its target of launching 800 stores by the end of the year.
Flipkart’s aggressive expansion push comes on the heels of a ₹169.1 crore capital infusion from its Singapore-based parent company on April 29. Earlier in the month, Flipkart Internet had invested ₹290 crore into the marketplace entity.
“It’s on the right trajectory. We’re excited about their growth. We are not so focused on profitability that we would trade off market share and growth for the future,” shared McLay on Flipkart’s path to profitability.
Earlier this week, Myntra, the company’s fashion ecommerce vertical, secured $125 infusion from its Singapore-parent company, FK Myntra Holdings.
“One of the hidden gems, I think, in the Flipkart business is Myntra, and Myntra is its own app and brand that is around beauty and apparel and accessories. But they have so much capability built into that offering around customising and being hyper-personalised,” added McLay.
The Nandita Sinha-led vertical recently launched Myntra Global to cater to Indian diaspora living in Singapore.
