Flipkart Acquires Walmart India; Launches New Digital Wholesale Marketplace

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Flipkart has announced the launch of a new business on July 23. The new digital marketplace is known as Flipkart Wholesale. Besides, the company has acquired a 100 percent stake in Walmart India, which is operating the Best Price business.

Flipkart Acquires Walmart India; Launches New Wholesale Marketplace

 

The new move allows Flipkart to strengthen and to increase its reach in the wholesale industry. "With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics, and finance to small businesses across the country," Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said.

The company is expected to start its Wholesale business in August with Fashion and grocery services. The new business will be headed by Adarsh Menon, senior vice president, and head in Flipkart. Furthermore, the company stated that several Indian brands, including manufacturers and sellers, have already partnered with Flipkart for the upcoming business.

Additionally, the Flipkart will offer a credit facility to Kiranas and MSMEs. "The acquisition of Walmart India will strengthen our position to address the needs of kiranas and MSMEs uniquely," Krishnamurthy added.

Meanwhile, Reuters reported that Amazon is likely to buy a stake in Reliance Retail. The company is expected to purchase a 9.99 percent stake in the latter business, especially for JioMart. There is no confirmation from both sides. But still, Mukesh Ambani, Reliance Industries Chairman has recently confirmed that they have received interest from many global firms for investing in Reliance Retail. "We will induct global partners and investors in Reliance Retail in the next few quarters," Ambani said to shareholders.

On the other hand, Reliance is expanding JioMart's reach in other segments, such as Fashion, Electronics, healthcare, and pharmaceutical. Besides, the company is planning to safety kit on its platform due to COVID-19. For the unaware, JioMart has been launched by Reliance Industries under its retail arm called Reliance Retail. It was launched in May to challenge other brands, such as Amazon and Flipkart.

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