In Science and Space: U.S. retail giant Walmart has been slow to open its own stores in India, but will focus on acquiring online marketplace Flipkart and major payment processor Fonpe, a senior official said Friday. It’s worth noting that the company acquired Flipkart and PhonePe in his $16 billion deal a few years ago. “We have an omnichannel strategy that includes both elements, and with both components, the benefit is that the customer experience is more seamless and they can walk into the store when they need to. But that’s not what we’re focusing on at the moment.
“From the beginning, I felt that an IPO would be the right move at some point, but we really want to build a strong foundation. Strategic decisions like an IPO are made by local leadership of Flipkart and his PhonePe, he said, adding that Walmart sees its role as providing financial resources for the company. Meanwhile, Brookfield Asset Management CEO Bruce Flatt, speaking at the same event, said commercial real estate looks to see better days as corporate employees return to work.
Walmart CEO Doug McMillon said at the Global Business Summit: Retailers are focused on being seen as ‘good partners’ with the country and are trying to demonstrate that culture to the government. Ultimately, McMillon said the leader’s focus is also to strengthen the country, and that his company wants to contribute to that same goal. He said he is pleased with the results of his investment in Flipkart for Walmart. Asked about Flipkart’s public offering plans, McMillion said an initial public offering (IPO) is the ultimate goal, but did not provide a timeline or other details.
He admitted that the 25,000 rupee deal took longer than expected on the front lines of the communications tower. However, Flatt added that this is the nature of large transactions, making it clear that India is not the only country where such delays occur. He said events like the ongoing Russian invasion of Ukraine would destabilize markets and make people cautious, but expressed hope that we will weather it.