During the earnings call, Walmart’s top executives revealed that Flipkart, a prominent e-commerce company, experienced robust double-digit sales growth and improved its contribution profit in the first quarter of the year. John David Rainey, the Executive Vice President and Chief Financial Officer of Walmart Inc., highlighted Flipkart’s strong performance in terms of revenue and contribution profit, emphasizing the team’s dedication to expanding their product and service offerings. As an example, Flipkart Travel extended its portfolio by introducing bus reservation services through its cleartrip platform. Judith McKenna, the President and CEO of Walmart’s international business, expressed satisfaction with PhonePe’s progress, announcing that the transaction processed value (TPV) of PhonePe surpassed $1 trillion. In the previous quarter’s earnings call, McKenna mentioned that PhonePe’s TPV had exceeded $950 billion. McKenna further described the symbiotic relationship between Flipkart and PhonePe, stating that they are becoming a mutually reinforcing force that strengthens the Indian market. She emphasized the development of an ecosystem in India, combining technological capabilities, sourcing expertise, and the collaborative power of Flipkart and PhonePe. McKenna expressed excitement about the future prospects of both entities in the Indian market when questioned by analysts.
