Flipkart group acquires Walmart India to launch wholesale market
BENGALURU Flipkart Group announced Thursday the launch of Flipkart Wholesale, a new digital marketplace, and the acquisition of 100% interest in Walmart India Private Limited, which operates the cash and transportation business at the best price.
Kiranas and MSMEs are central to India’s retail ecosystem and Flipkart Wholesale will focus on meeting their needs by providing small businesses with a wide selection at significant value, the company said in a statement.
“Whether in supermarkets, general merchandise or fashion, these companies will have unique access to a wide selection of products with attractive schemes and incentives, complemented by data-based recommendations for stock selection, delivered through a fast and reliable network for driving higher efficiencies and better margins, “he said.
Currently, Best Price supports more than 1.5 million members, including kiranas and other MSMEs.
Leading local Indian brands, manufacturers and sellers have partnered with Flipkart Wholesale to ensure the availability of a wide range of products and merchandise for kiranas and MSMEs, according to the statement.
Kalyan Krishnamurthy, CEO of the Flipkart group, said: “The acquisition of Walmart India adds a strong pool of talents with extensive experience in the wholesale business that will strengthen our position to address the needs of kiranas and MSMEs in a unique way.”
Flipkart Wholesale will launch its operations in August 2020 and will test services for the grocery and fashion categories.
It will be directed by Adarsh Menon, a veteran of Flipkart.
Sameer Aggarwal, CEO of Walmart India, will remain with the company to ensure a smooth transition, after which he will move to another position within Walmart.
With the acquisition of the Walmart India business, its employees will join the Flipkart group and the home office teams will be integrated over the next year.
The Best Price brand will continue to serve its members through its omnichannel network of 28 stores and e-commerce operations.