Walmart does not want to open retail stores in India; focus on Flipkart, PhonePe

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Flatt, however, added that this was the nature of big deals and clarified that India was not the only place where such delays were happening.

American retail giant walmart does not want to open direct-to-consumer brick-and-mortar stores in India, but will focus on growing its acquisitions – online marketplace Flipkart and major payments TelephonePe, a senior official said on Friday. It can be noted that the company acquired Flipkart and PhonePe in a USD $16 billion a few years ago.

“We have an omnichannel strategy which includes these two components. And when you have both components, the customer experience can be more seamless, and there are benefits to being able to walk into a store if desired. But, we’re not focusing on that right now.

“What we’re focused on is helping Flipkart and PhonePe succeed,” Walmart Chief Executive Doug McMillon said during the World Business Summit.

The retailer is careful to be seen as a “good partner” for the country and has tried to demonstrate its culture to the government.

Ultimately, the leaders’ goal is also to make the country stronger, and his company wants to contribute to the same goal, McMillon said.

He said he was happy with how the Flipkart investment turned out for Walmart.

Asked about the company’s plan to take Flipkart public, McMillion said an initial public offering (IPO) would be the ultimate goal, but declined to elaborate on a timeline or other details.

“From the beginning, I thought an IPO would be an appropriate step at some point. But we want to build a very strong foundation. And we want the team to make that decision as to when it will be ready. “, did he declare.

Strategic decisions like an IPO will be made by local Flipkart and PhonePe executives, he said, adding that Walmart believes its job is to provide the financial resources to businesses.

Meanwhile, Brookfield Asset Management chief executive Bruce Flatt, who spoke at the same event, said commercial real estate appears to be looking to better days as corporate staff return to work.

He admitted his Rs 25,000 crore deal on the telecom towers front took longer than expected.

Flatt, however, added that this was the nature of big deals and clarified that India was not the only place where such delays were happening.

He said events such as the ongoing Russian invasion of Ukraine are causing uncertainty in the markets and making people cautious, but expressed hope that we will pull through.

“Whether it’s a pandemic, war, economic collapse, recession, or you name it, but we get through it, and we still do. And yes, there there will be some consternation along the way, with these kinds of things happening and with Ukraine, but over time I think it will work out, but we will all get there,” he said.

India is an incredibly attractive place to invest and the company, which manages more than $650 billion globally, has been lucky with its bets in the country so far, he noted.

It currently sits on a cash pool of $100 billion and as a rule none of its funds will invest less than 20% of its investable money in India.

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