Flipkart registers record number of monthly active customers; Walmart's global net sales rise 5pc
Flipkart, India’s leading ecommerce marketplace, registered a record number of monthly active customers according to its parent company Walmart, which announced its quarterly results on Tuesday.
“Strong growth in net sales at Flipkart was helped by a record number of monthly active customers,” Walmart said during its third-quarter results announcement.
According to Walmart, its international net sales were $29.6 billion for the third quarter, an increase of 1.3 percent. The retail giant said, excluding the currency fluctuations, the net sales would have been $30.6 billion, an increase of five percent led by Flipkart, Canada, and Walmex.
On the overall performance of Walmart, the retail giant reported revenue of $133.75 billion, a 5.3 percent increase, while the net profit rose by 56 percent. Walmart's third-quarter performance was better than the street expectations.
Walmart's ecommerce sales from the US market grew by 79 percent, which the company said, there were strong results across all channels.
Flipkart has been an important component for Walmart’s performance ever since it was acquired in a $16 billion transaction value in 2018.
Recently, Flipkart ended its festive season sale, which concluded with Diwali. During this period, it held its flagship event – Big Billion Days Sale — where the company said that it had made inroads into the Tier-II and beyond cities in India.
Ever since the acquisition of Flipkart, Walmart has ploughed back capital into its Indian operations. In July this year, the US-based retail giant announced it was investing $1.2 billion into Flipkart at a valuation of $24.9 billion, revealing its commitment to the India marketplace.
Besides, Walmart also restructured its wholesale online operations in India with Flipkart launching this service, and, in turn, acquiring 100 percent stake in Walmart India.
It also announced an investment into an agritech startup Ninjacart, which procures fruits and vegetables directly from farmers and supplies to retail outlets.