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Guwahati: Flipkart has posted a double-digit growth in sales and has improved its contribution profit in the January to March quarter as told by Walmart’s top leaders during the earnings call of the company on May 18.
The Executive Vice President and Chief Financial Officer of Walmart Inc, John David Rainey, said that in India, Flipkart had strong topline results and improved its contribution profit.
The team continues to expand its products and services.
For example, Flipkart Travel added to its portfolio of offerings by launching bus reservation services in the quarter through its Cleartrip platform.
The President and Chief Executive Officer of Walmart’s international business, Judith McKenna, said that the company is pleased with PhonePe’s progress. It crossed $1 trillion in transaction processed value (TPV).
In the earnings call for the previous quarter, McKenna mentioned that PhonePe’s TPV had crossed $950 billion.
She said that both Flipkart and PhonePe are becoming a mutually reinforcing flywheel of strength for the Indian market.
“What we are seeing in India is the build¬out of an ecosystem in its own way between the tech capabilities, between our sourcing capabilities, Flipkart and PhonePe is becoming a mutually reinforcing flywheel of strength for that market," she added.
