Walmart India acquired by Flipkart; wholesale digital marketplace launched.
Flipkart Wholesale is launched after the Flipkart group acquires 100 % interest in Walmart India.
On Thursday, the Flipkart group acquired 100 percent interest in Walmart India Private Limited and announced the launch of Flipkart Wholesale, a new digital marketplace. Flipkart acquired the stake in Walmart India, which operates the Best Price cash-and-carry business. In a statement, the company said that it is aware of kiraanas and MSMEs being central to India’s retail ecosystem and Flipkart Wholesale will provide small businesses a wide selection at a significant value to focus on meeting their needs.
Flipkart Wholesale will be a boon for kiraanas and MSMEs:
The statement said,” Whether, in grocery, general merchandise or fashion, these businesses will have one-stop access to an extensive selection of products with attractive schemes and incentives, supplemented with data-driven recommendations for stock selection, delivered through a fast and reliable network to drive greater efficiencies and better margins.” At present, Best Price has more than 1.5 million members, including MSMEs and kiraanas. The statement also revealed that top Indian brands, local sellers, and manufacturers have partnered with Flipkart Wholesale to ensure the availability of a huge range of products for MSMEs and kiraanas.
Flipkart Wholesale to be launched in August 2020:
Flipkart group’s chief executive officer, Kalyan Krishnamurthy said,” The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen our position to address the needs of kiraanas and MSMEs uniquely.”
Flipkart Wholesale will pilot services for the grocery and fashion categories and launch its operations in August this year. The CEO and employees on the payroll of Walmart will join the Flipkart group and Adarsh Menon, a Flipkart veteran, will head the new venture.
