Walmart reiterates annual export goal of $10B from India by 2027
The company is committed to India and is here for the long term, says Walmart's CEO Doug McMillon.
Wednesday May 10, 2023,
2 min Read
Global retailerhas reiterated its commitment to source goods worth $10 billion from India annually by 2027.
Walmart's CEO, Doug McMillon, during a visit to Bengaluru to meet sellers, said India has been a sourcing market for the company over the last two decades, although it has worked with a limited number of sellers. Now, it seeks to expand this supplier/seller network.
Saying that the company's growth in India has been remarkable, McMillon added, “Walmart is committed to India and we are here for the long term. We are excited about the Indian suppliers and partners who make quality, affordable, and sustainable products for our customers and members around the world."
The Walmart CEO, along with Judith McKenna, President and CEO, Walmart International, met sellers from medium-sized enterprises, young companies, and NGOs, engaged in the manufacturing of products such as household utilities and handicrafts.
“India has long been a priority market for Walmart... I am continually impressed by the entrepreneurial spirit across the country, and that spirit is one of the reasons Walmart is proud to play a small part in India’s growth story," said McKenna.
The two executives also met with officials from its own businesses, including Walmart Global Tech, PhonePe, and its marketplace teams.
During his interactions with sellers and the company's officials, the Walmart CEO was curious about how generative artificial intelligence would change the experience of shoppers.
McMillon was also keen to understand the businesses of the sellers and remarked that environmental sustainability was an important consideration for Walmart.
Walmart is present in India as an omnichannel retailer. The acquisition ofin 2018 for $16 billion gave it a strong presence in the Indian ecommerce market and also bought under its fold the fashion apparel business of . Walmart also has an offline presence in the country as a wholesale marketplace.
The other key business of Walmart in India is the fintech company, which has been demerged as a separate company, domiciled in India.
Walmart, McMillon said, was proud of its investments in Flipkart and PhonePe.
Edited by Swetha Kannan